Gary Wang Sentenced to No Prison Time

Gary Wang, co-founder and former CTO of FTX, was sentenced to no prison time for his role in the fraudulent activities that led to the collapse of the cryptocurrency exchange. U.S. District Judge Lewis Kaplan praised Wang for his cooperation with prosecutors, which included testifying against FTX founder Sam Bankman-Fried, who received a 25-year prison sentence for defrauding customers of over $11 billion. Wang pleaded guilty to four felony counts, including wire fraud and conspiracy, but was granted leniency due to his minor role in the fraud and his contributions to recovering funds for victims. He expressed deep remorse for his actions, stating, "I took the cowardly path instead of doing the right thing." As part of his sentence, he will serve three years of supervised release and continue developing fraud detection tools for future use. Wang is the last of Bankman-Fried's close associates to be sentenced following a series of trials involving other former executives.