🔥 FTX's Gary Wang Asks the Judge for No Prison Time
posted 7 Nov 2024
Gary Wang, co-founder and former Chief Technological Officer of FTX has appealed for no jail time as a key witness in the case.
Attorneys claim Wang’s primary expertise was in FTX’s code, which he helped the government decipher voluntarily adding that his testimony has been crucial in building the case against FTX founder Sam Bankman-Fried.
Lawyers argue that, unlike other cooperating witnesses, Wang did not have full knowledge of the crimes the government was investigating. While it’s uncertain if he will avoid prison time, in September, the CEO of Alameda Research, also a key witness in the case, received a two-year sentence. Meanwhile, Sam Bankman-Fried, the central figure in the case, received a 25-year prison sentence.
In November 2022, FTX, one of the largest crypto exchanges, revealed major financial issues and filed for bankruptcy. Reports and investigations found that FTX-affiliated company Alameda Research lost $8 billion due to fund mismanagement and a liquidity crisis.
In a court document submitted before Wang’s expected sentencing on November 20, his attorneys noted that he was the first defendant to cooperate with the government. They also highlighted his smaller role in the misconduct.
Gary Wang’s submission to the court. Source: courtlistener.com
According to the appeal, Wang began cooperating with government agencies less than a week after FTX's collapse. Defense attorneys emphasized that Wang was unaware Alameda Research was using FTX customer funds until the scheme was underway.
Attorneys claim Wang’s primary expertise was in FTX’s code, which he helped the government decipher voluntarily adding that his testimony has been crucial in building the case against FTX founder Sam Bankman-Fried.
Lawyers argue that, unlike other cooperating witnesses, Wang did not have full knowledge of the crimes the government was investigating. While it’s uncertain if he will avoid prison time, in September, the CEO of Alameda Research, also a key witness in the case, received a two-year sentence. Meanwhile, Sam Bankman-Fried, the central figure in the case, received a 25-year prison sentence.
In November 2022, FTX, one of the largest crypto exchanges, revealed major financial issues and filed for bankruptcy. Reports and investigations found that FTX-affiliated company Alameda Research lost $8 billion due to fund mismanagement and a liquidity crisis.
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