An FTX co-founder was sentenced to no time in prison after being praised for his cooperation in the cryptocurrency fraud case involving Sam Bankman-Fried. The co-founder, Gary Wang, testified at Bankman-Fried's trial and played a key role in helping prosecutors recover funds for victims of the fraud.
Judge Lewis A. Kaplan commended Wang for being the first person to cooperate after FTX collapsed, leading to the extradition of Bankman-Fried. Bankman-Fried is currently serving a 25-year prison term for misappropriating over $11 billion in funds.
FTX, once a prominent cryptocurrency company, faced a downfall when the market exposed a long-running fraud scheme operated by Bankman-Fried from 2017 to 2022. Wang expressed deep remorse for his actions and apologized to those affected by the fraud.
Despite having a minimal role in the fraud, Wang's cooperation was described as heroic by prosecutors. He provided crucial information and assisted in deciphering complex computer code related to the case, expediting the investigation process.
Wang's continued cooperation with authorities and his efforts to recover funds for investors were highlighted during the sentencing. He was credited with developing software that aids in identifying financial frauds beyond the FTX case.
Judge Kaplan acknowledged Wang's limited culpability in the fraud and emphasized his significant contributions to the investigation. Wang's apology and dedication to rectifying the situation were noted as he was spared from a prison sentence.
