FTX co-founder Gary Wang has been sentenced to time served and three years of supervised release for his involvement in the $8 billion fraud linked to the exchange's collapse. This ruling marks the conclusion for the cooperating members in the case against former FTX CEO Sam Bankman-Fried. Wang, who was instrumental as a government witness, pleaded guilty to four counts of fraud and conspiracy in December 2022. He disclosed to prosecutors that he developed code which allowed Alameda Research to access funds from FTX, leading to significant financial discrepancies. Prosecutors acknowledged Wang's assistance in the investigation as critical, stating it would aid in combating future financial misconduct. Additionally, as part of his agreement, Wang will continue to develop tools for detecting fraud in cryptocurrency markets. Wang is the final government witness to receive sentencing, following Caroline Ellison and Nishad Singh, who also received supervised releases.

Source 🔗