FTX Co-Founder Gary Wang Sentenced to Time Served and Supervised Release
Gary Wang, the co-founder and former technology chief of collapsed crypto exchange FTX, has been sentenced to time served and three years of supervised release on each of the four counts he pled guilty to. This marks the final sentence handed down to an ex-employee of FTX.
Wang’s Cooperation with the Government
Wang faced a maximum sentence of 50 years for the four criminal counts he pleaded guilty to, including conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, and conspiracy to commit securities fraud. However, his immediate cooperation with the government earned him a significantly lighter sentence.
A Deeply Sorry Wang
When given the opportunity to address the court, Wang expressed deep regret for his actions. “I took the easy path, the cowardly path, instead of doing the right thing,” he said, clutching a single printed piece of paper. “I will spend the rest of my life trying to make amends.”
Wang’s Family Supports Him
Wang’s parents, as well as his wife, who is expecting their first child, were present in court to support him.
The Government’s Leniency
Prosecutors also sought leniency for Wang, citing his extraordinary cooperation and computer programming skills. Assistant U.S. Attorney Nicolas Roos described Wang as the easiest cooperating witness he had ever worked with.
Wang’s Contributions to Fraud Detection
Wang has been working on a tool for detecting potential illegal activity in cryptocurrency markets, which the government plans to use upon his completion of the project. He has also built an interface for detecting potential fraud by publicly traded companies, which the government has already started using.
The FTX Criminal Proceedings Come to a Close
With Wang’s sentencing, the FTX criminal proceedings have come to an end. In March, FTX CEO Sam Bankman-Fried was sentenced to 25 years in prison and ordered to pay $11 billion. Other former executives, including Caroline Ellison and Ryan Salame, have also received sentences ranging from two to seven and a half years in prison.
Judge Kaplan’s Praise for Wang’s Cooperation
Judge Lewis Kaplan, who presided over the case, praised Wang’s cooperation, stating, “I’ve never seen anything quite like what happened here… You’re entitled to a lot of credit.”
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