Former FTX Executive Avoids Prison Sentence

Gary Wang, co-founder of the collapsed cryptocurrency exchange FTX, has avoided prison time after testifying against Sam Bankman-Fried in a high-profile fraud case. U.S. District Judge Lewis A. Kaplan sentenced Wang to three years of supervised release, acknowledging his cooperation that expedited Bankman-Fried's extradition from the Bahamas. Wang admitted to creating code that allowed Alameda Research, FTX’s sister company, to misappropriate customer funds through a backdoor feature in the trading platform. His testimony revealed significant details about the operations that led to FTX's downfall, which is considered one of the largest financial frauds in U.S. history. Wang's lenient sentence aligns with that of another former executive, Nishad Singh, who also received no prison time. Meanwhile, Bankman-Fried is currently serving a 25-year sentence for multiple counts of fraud and conspiracy.