FTX Co-founder and CTO Gary Wang Sentenced to Time Served in $8 Billion Crypto Fraud

Nov 20, 2024, 03:47 PM

On November 20, Gary Wang, co-founder and former chief technology officer of FTX, was spared prison time by a U.S. judge over his role in the multibillion-dollar fraud at the cryptocurrency exchange. Wang, who pleaded guilty in December 2022 to fraud charges, admitted to creating the software code that allowed Alameda Research to divert approximately $8 billion in FTX customer funds. His extensive cooperation with prosecutors, including key testimony against FTX founder Sam Bankman-Fried, led the judge to sentence him to time served. This decision concludes the FTX criminal cases, with Wang avoiding prison and Bankman-Fried awaiting sentencing.