Gary Wang, co-founder of failed cryptocurrency exchange FTX, sentenced to supervised release on fraud charges
A federal district court has sentenced Gary Wang, co-founder of the cryptocurrency exchange 'FTX,' which went bankrupt in 2022, who was charged with fraud and other crimes, to 'three years of supervised release.' Wang has cooperated with the government's crackdown on fraud in the cryptocurrency market in addition to this case, and the prosecutor's office also sought a lenient sentence.
Bankman-Fried's ex-deputy Wang avoids prison time over crypto fraud | Reuters
FTX co-founder Gary Wang avoids prison time for role in crypto fraud
FTX co-founder Gary Wang receives no prison sentence for crypto fraud | Technology | The Guardian
https://www.theguardian.com/technology/2024/nov/20/ftx-gary-wang-sentence
FTX co-founder Gary Wang receives no prison time following fallout of crypto exchange: reports | The Block
https://www.theblock.co/post/327421/ftx-co-founder-gary-wang-receives-no-prison-time-following-fallout-of-crypto-exchange-reports
Wang met Sam Bankman-Fried, who has already been sentenced to 25 years in prison, when they were in high school and studied together at Massachusetts Institute of Technology before starting a cryptocurrency business.
After FTX went bankrupt in 2022, Wang was the first of the key executives to be arrested and appeared as a witness at Bankman-Fried's trial, testifying that Bankman-Fried had granted special privileges to the account of Alameda Research, a company affiliated with FTX.
Bankman-Freed was sentenced to 25 years in prison in March 2024 and is appealing the sentence.
Sam Bankman-Fried, founder of collapsed cryptocurrency exchange FTX, sentenced to 25 years in prison - GIGAZINE
Judge Lewis Kaplan sentenced Wang to three years of supervised release, taking into account his cooperation with prosecutors and the fact that he learned of Bankman-Freed's fraudulent activities later than others, giving him a shorter period of liability for negligence.
Prosecutors had also sought a lenient sentence because Wang had already helped build an interface to detect potential fraud in the cryptocurrency market.
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