Gary Wang Sentenced, Aided FTX Fraud Case

Gary Wang, co-founder of the collapsed cryptocurrency exchange FTX, was sentenced to time served and three years of supervised release for his role in an $8 billion fraud scheme. U.S. District Judge Lewis Kaplan praised Wang's cooperation with authorities, which was pivotal in securing the conviction of FTX's founder, Sam Bankman-Fried, who is serving a 25-year sentence. Wang's cooperation included providing critical insights into the exchange's operations and testifying about the misuse of customer funds by FTX’s sister firm, Alameda Research. Despite his involvement, Wang was spared prison time due to his late awareness of the fraudulent activities and his efforts to assist the investigation by developing tools to detect financial fraud. His cooperation was deemed exceptionally valuable, helping prosecutors to quickly build their case against Bankman-Fried. Wang is the last of FTX’s top executives to be sentenced, closing the chapter on the legal proceedings following FTX's downfall.