According to reports from (Inner City Press) and (Reuters), FTX co-founder and former chief technology officer Gary Wang was ultimately exempted from prison by a judge for fully cooperating with the investigation and testifying in the criminal trial of Sam Bankman-Fried (SBF) disaster.
At Wednesday's sentencing hearing, prosecutors publicly praised Gary Wang as the "most cooperative" key witness who provided crucial information for the case investigation. Judge Lewis Kaplan said more frankly, "I have never seen anything like this" and affirmed Gary Wang's decision to repent and stand on the side of the law despite his mistakes.
FTX declared bankruptcy in November 2022 due to the outbreak of a liquidity crisis, setting off a storm of fraud accusations, which also led to the collapse of Alameda Research, a closely related trading company. SBF was convicted of seven counts of fraud and conspiracy in March this year. He was sentenced to 25 years in prison and fined $11 billion.
Gary Wang's partnership with SBF dates back to high school math summer camp, and the two later attended MIT together and co-founded Alameda Research after graduation. Although Gary Wang was not initially listed as an official founder or held a senior position, he was responsible for writing the code required for trading operations and assisting Alameda's business development.
Caroline Ellison, the former CEO of Alameda Research, was sentenced to 2 years in prison in September for cooperating with the investigation; Ryan Salame, who once served as the co-executive executive of FTX Digital Markets, a subsidiary of FTX in the Bahamas, has been jailed for 7 and a half years; as for the former FTX project Director Nishad Singh was spared jail time because he assisted prosecutors in the investigation of the FTX collapse case and the judge considered that the circumstances of his crime were minor.
"FTX co-founder Gary Wang escaped unharmed! Cooperating with the investigation and avoiding jail" This article was first published on (Block Guest).