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FTX co-founder won’t serve time in prison, judge rules

Author: Content Editor
Former FTX executive Gary Wang has been sentenced to time served with three years of supervised release for his involvement in an $8 billion fraud that led to the collapse of the exchange. Wang, who co-founded FTX and served as its chief technology officer, pleaded guilty to four counts of fraud and conspiracy in December 2022 and served as a government witness in FTX founder Sam Bankman-Fried's criminal trial. Wang's assistance was crucial in the case against Bankman-Fried and will aid in future efforts to combat fraud in the cryptocurrency market. Wang testified that he wrote the code that allowed Alameda Research to make unlimited withdrawals from FTX, leading to a significant financial loss. He claims to have been deceived by Bankman-Fried and unaware of Alameda's actions. Wang's sentence follows the sentencing of two other cooperating witnesses in the case.

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