The former Chief Technology Officer (CTO) of FTX, Gary Wang, has recently been given a chance to avoid a prison sentence by US District Judge Lewis Kaplan after a recent hearing in Manhattan. Wang is known for having a notorious hand in helping Sam Bankman-Fried defraud its customers and steal as much as $8 billion from FTX's crypto exchange customers.
Wang was spared incarceration for his massive help in testifying against FTX's founder and former CEO, following the conviction and sentencing of Bankman-Fried and Caroline Ellison.
FTX's Former CTO Gary Wang is Not Getting Any Prison Time
According to the latest report by Reuters, the former close ally and high-ranking FTX executive, Gary Wang, was not sentenced any time to serve behind bars in his latest hearing under Judge Kaplan. It is known that during the course of the investigations behind FTX's downfall, Wang was charged with four counts of felony in fraud and conspiracy to which he pleaded guilty.
However, like other FTX executives like Caroline Ellison, Wang chose to cooperate with the prosecution and admit to their crimes, with this notoriously fought by their former boss and friend, Sam Bankman-Fried.
It was revealed that Wang was best known for unknowingly developing the computer code, as ordered by Bankman-Fried, which helped the former CEO steal as much as $8 billion from their customers.
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Wang Significantly Helped Against Bankman-Fried Suit
Judge Kaplan said during the hearing that Wang may have a hand in helping SBF defraud its customers, but he was among the last ones to know about the crime being committed back when FTX was still in operation.
Moreover, Kaplan noted Wang's significant help in cooperating with the prosecutors back when they were going against Bankman-Fried who maintained his innocence in court despite the massive evidence against him.
Wang is known to be one of Bankman-Fried's closest friends whose relationship started at a summer camp during their high school days before they met again in college when they studied at the Massachusetts Institute of Technology which led to creating FTX.
FTX's Executives Facing Prison Time
Two of the many executives who were caught up in the many crimes that took place behind the scenes on FTX are already incarcerated for their actions that led to the crypto exchange platform's downfall. The first to get convicted and sentenced to 25 years behind bars was Sam Bankman-Fried who was regarded to be the mastermind behind the many missing funds and scrutinies within the company.
On the other hand, the previous Alameda Research chief executive and Bankman-Fried's former lover, Caroline Ellison, was not able to avoid incarceration despite her efforts to help the prosecution. Judge Kaplan praised Ellison's cooperation in nailing Bankman-Fried with her testimonies and evidence submitted during the case's deliberation, but the severity of her crimes did not spare her from prison.
Ellison was given a two-year sentence for her crimes, as opposed to the maximum time given to Bankman-Fried for defrauding their customers and clients, and next on the list was Gary Wang. However, despite having a massive role in assisting SBF in stealing billions from FTX, Wang also gave his full cooperation to the authorities which took down his colleague and also avoided him time to serve.
