FTX Co-Founder Gary Wang Avoids Prison Time

Gary Wang, co-founder of the fallen cryptocurrency exchange FTX, was sentenced to no prison time for his involvement in the massive fraud scheme that led to the collapse of the company. Judge Lewis Kaplan praised Wang for his early cooperation with prosecutors, which was pivotal in the extradition of FTX founder Sam Bankman-Fried, who is serving a 25-year prison sentence for misappropriating over $11 billion. Wang, who testified for three days at Bankman-Fried's trial, expressed deep remorse for his actions, admitting to taking a 'cowardly path'. His cooperation was described as heroic by prosecutors, who noted that his insights significantly advanced the investigation. While Wang pled guilty to multiple fraud-related charges, his culpability was deemed minimal compared to other defendants, leading to his lenient sentence. He is the last of Bankman-Fried's close associates to be sentenced, following others who received varying prison terms.