One of many FTX co-founders who pleaded responsible to large fraud and cooperated towards CEO Sam Bankman-Fried was sentenced Wednesday to time served.
Gary Wang, 32, walked out of Manhattan Federal Court docket a free man.
New York federal prosecutors repeatedly praised Wang for his cooperation, describing him as the primary FTX worker to flip and assist investigators within the case. The feds stated Wang “deciphered basically half the case for us” on his first day as a cooperating witness in November 2022.
The speedy investigation allowed U.S. authorities to rapidly extradite Bankman-Fried from his palatial residence in The Bahamas and haul him earlier than a decide in Manhattan. After pleading not responsible, Bankman-Fried was convicted at trial and sentenced to 25 years behind bars.
Wang testified throughout three days of Bankman-Fried’s October 2023 trial. He instructed authorities he inserted code into FTX’s operations that allowed its sister agency, Alameda Analysis, to have a preposterous $65 billion line of credit score and use buyer funds to pay losses. FTX finally stole $11 billion from its customers.
Wang was certainly one of a number of FTX staff to testify towards Bankman-Fried. All of the cooperators had been praised by authorities for his or her assist to unravel the case, however Wang was the highest-profile individual to obtain no further jail time.
Caroline Ellison, Bankman-Fried’s ex-girlfriend and the CEO of Alameda, received two years in jail.
Wang stated he “took the cowardly path instead of doing the right thing. Nothing I do will ever be able to make up for it.”
