Gary Wang, co-founder of FTX, is scheduled for sentencing today in the United States District Court for the Southern District of New York.
Wang, who pleaded guilty to wire fraud, commodities fraud, and securities fraud, played a pivotal role in the prosecution of former FTX CEO Sam Bankman-Fried by providing testimony that contributed to Bankman-Fried’s 25-year prison sentence.
Wang’s legal team has emphasized his comparatively limited involvement in the fraudulent activities at FTX, advocating for leniency. Prosecutors have acknowledged his substantial cooperation and suggested that, if sentenced to time served, Wang could assist in developing tools to detect illegal activities in cryptocurrency markets.
The FTX Big 3, Bankman-Fried, Ellison, Wang
Wang’s relationship with Bankman-Fried dates back to their teenage years, having met at a summer math camp and later rooming together at the Massachusetts Institute of Technology (MIT). After a tenure at Google, Wang joined Bankman-Fried in founding FTX in 2019. He married Yiling “Cheryl” Chen, whom he met while working at FTX, in 2023.
Following FTX’s collapse in November 2022, Wang, along with former Alameda Research CEO Caroline Ellison, was among the first to plead guilty and cooperate with authorities. Ellison received a two-year prison sentence, while former FTX Digital Markets co-CEO Ryan Salame was sentenced to seven and a half years. Former FTX engineering director Nishad Singh was sentenced to time served in October 2024.
The outcome of Wang’s sentencing remains uncertain, with the court weighing his cooperation and role in the fraud against the severity of the charges. Meanwhile, FTX users are anticipated to begin receiving reimbursements following the approval of a reorganization plan in October 2024. Sam Bankman-Fried is currently appealing his conviction and sentence.
