cryptojournalist
Light Sentence for Gary Wang
Gary Wang, co-founder of the collapsed crypto exchange FTX, was sentenced to time already served, three years of probation, and had to forfeit any illegally obtained money on November 20 in a New York court. His case wraps up the sentencing of all major FTX executives involved in the 2022 scandal.
Wang pleaded guilty in late 2022 to fraud charges. He admitted, along with Caroline Ellison, former head of Alameda Research, to working with FTX’s Sam Bankman-Fried to misuse $8 billion in customer funds. Ellison received a two-year prison term for her role.
Other Sentences in the Scandal
Judge Lewis Kaplan handled all FTX-related cases, delivering varying penalties:
Sam Bankman-Fried: 25 years in prison
Ryan Salame: 7.5 years in prison
Caroline Ellison: Two years in prison
Nishad Singh: Time served and probation
Wang’s cooperation with authorities earned him a lighter sentence, similar to Singh.
Wang’s Cooperation Was Key
Judge Kaplan praised Wang’s efforts to assist investigators, calling it exceptional. “I’ve never seen anything like this,” the judge said, acknowledging that Wang’s help deserved recognition.
In court, Wang apologized:
“I took the easy way out instead of standing up for what was right. I’ll spend my life trying to make amends.”
Bankman-Fried’s Legal Fight Continues
Attention now shifts to Sam Bankman-Fried, who is appealing his 25-year sentence. His lawyers claim he didn’t get a fair trial and have requested a retrial under a different judge, citing bias concerns.
