FTX co-founder Gary Wang, convicted of misusing funds at a fictitious crypto exchange, may face punishment after his case goes to trial.
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On Nov. 13, prosecutors in the U.S. District Court for the Southern District of New York filed a brief alleging that Wang provided significant assistance in the investigation of crimes related to FTX, as well as in the prosecution of Sam Bankman-Fried and several other cases.
The government’s attorneys noted the importance of Wang’s testimony at the trial of Bankman-Fried, who was sentenced to 25 years. They also suggested that if Judge Lewis Kaplan decides to sentence Wang, he could develop a tool to identify potential illegal activities in the crypto market. Prosecutors noted that Wang’s testimony was truthful and corroborated by other evidence.
“Wang has also provided substantial assistance – and in the process taken steps to right past wrongs – by putting his extraordinary computer programing skills to use in detecting potential fraud in the stock and cryptocurrency markets.”
Court filing
Wang, who pleaded guilty to wire fraud, commodities fraud, and securities fraud in December 2022, is awaiting final sentencing on Nov. 20.
Is the FTX story nearing its end?
The latest updates would make Wang the fifth and final FTX or Alameda Research executive to face sentencing. Bankman-Fried was the only one to plead not guilty. In contrast, former Alameda CEO Caroline Ellison and FTX Digital Markets co-CEO Ryan Salame pleaded guilty. All of them are currently serving federal prison sentences.
However, the Bankman-Fried case has continued to see new details and court cases emerge, even as the founder of one of the world’s once-largest exchanges is servin
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Author: Anna Kharton
