FTX Co-Founder Gary Wang Avoids Prison Time Due to Cooperation Against SBF

FTX co-founder Gary Wang avoided prison time Wednesday, sentenced to time served and three years of supervised release for his role in the crypto exchange’s collapse.

“You did the right thing,” U.S. District Judge Lewis Kaplan told Wang, according to a post on Twitter (aka X) from Inner City Press. “I don’t think I need to say much about the extent of your cooperation. You are entitled to a world of credit.”

Wang, who met FTX co-founder and former CEO Sam Bankman-Fried at a math camp in high school, served as a key witness in Bankman-Fried’s criminal case. Just over a year ago, Wang testified about how billions of dollars in customer funds were siphoned from the exchange by FTX’s sister trading firm, Alameda Research, using a virtually unlimited line of credit.

Judge Kaplan: You did the right thing for yourself, and the right thing for the country. If this wasn’t the biggest financial fraud in US history, it was certainly among the biggest 2 or 3. It is the judgment of this court that you be committed to time served

— Inner City Press (@innercitypress) November 20, 2024