FTX Co-Founder Gary Wang Begs Judge For Freedom: Will He Escape Jail Time?

Share This Post

Gary Wang, FTX’s co-founder, has asked through his legal team for a non-custodial sentence in a memo filed last November 6th in connection with the United States v. Sam Bankman-Fried.

The computer programmer argued that he should not serve jail time over his supposed involvement with the failed FTX since he was a key witness against Sam Bankman-Fried.

According to Wang’s lawyer, Ilan Graff, the respondent should not serve time since he has consistently cooperated, and this lack of guilt should result in a non-custodial sentence.

Last March 28th, Sam Bankman-Fried was ordered to pay up to $11 billion in addition to a 25-year sentence. Wang’s official sentencing, as a party and key witness, is scheduled for November 20th.

Gary Wang, A Key Witness Against FTX’s Bankman-Fried

In a sentencing document filed last November 6th, Wang asked that he be spared from imprisonment since he helped in building the case. On page 2 of the document, The team of Gary Wang argued that Gary’s testimony was crucial to the case.

The document added that Wang “testified powerfully” for three days and shared how Bankman-Fried exploited the system to his benefit.

Also, Wang stated that he had a limited role in the FTX’s fraud worth over $10 billion. Wang even compared his limited role to that of Caroline Ellison and Nishad Singh, who he argued had contributed more to the fraud.

Wang’s Sentencing Set For November 20th

According to reports, the sentencing is scheduled for November 20th, with Judge Lewis Kaplan on the bench. Last September, Judge Kaplan issued a two-year sentence for Ellison and Singh for time served.

In his defense, Wang countered that being sentenced to serve time would raise comparisons with Singh and would fail to consider his cooperation with the court and minimal culpability.

Gary Wang Is Part Of The Bankman-Fried Inner Circle

Wang belongs to Sam’s inner circle within the FTX. He was also one of those who met with the US prosecutors to strike a plea deal in exchange for information on how the FTX worked. As part of his conversations with prosecutors, Wang shared some details about FTX, which led to its bankruptcy and subsequent class actions.

Wang also participated in Sam’s trial and shared how his co-founder instructed him to change the exchange’s codes. This code change allowed Alameda Research to to steal and use customer funds before this practice unraveled in 2022.

Alameda Research was a cryptocurrency trading company that acquired and sold digital currencies in different parts of the globe. It was co-founded in 2017 by Sam Bankman-Fried and Tara MacAulay.

For Wang, he only had minimal involvement with the fraud. He also added that he only learned about it late in the day and was deceived and lied to by his friend. Aside from his participation in this trial, Wang also worked with the administration to build software systems to detect fraud.

Featured image from Yuki Iwamura, Bloomberg/Getty Images, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

XRP Price Reaches 3-Year High At $1.6 – 2 Ways It Can Go From Here

The XRP price recently surged to a three-year high of $16, marking a significant milestone in the cryptocurrency’s recent bullish rally This remarkable price movement has garnered the attention

From Premiums to Discounts: Bitcoin’s Wild Ride Splits Global Markets

In the past week, the crypto market has been buzzing with action, with bitcoin smashing its way to a new all-time high of $99,800 per coin on Thursday Data reveals an intriguing dynamic during this

XRP Analyst Sets $2 Target If It Holds Key Level – Can It Reach Multi-Year Highs?

XRP has emerged as a standout leader in the recent crypto rally, delivering massive gains and fueling optimism among investors The price has skyrocketed by an astonishing 225% in under three weeks,

Latam Insights: El Salvador’s Bitcoin Debt Idea, Milei’s MAGA

Welcome to Latam Insights, a compendium of the most relevant crypto and economic news from Latin America over the past week In this issue, Max Keiser floats an idea to allow El Salvador to acquire

XRP Below $1? Not Happening, Claims Millionaire Analyst

Ripple’s XRP has traded below the $1 level for nearly three years, affected primarily by the cases filed by the US Securities and Exchange Commission (SEC) Even during the mini bull run immediately

Howard Lutnick’s Firm, Cantor Fitzgerald To Work With Tether For $2B Project

The post Howard Lutnick’s Firm, Cantor Fitzgerald To Work With Tether For $2B Project appeared first on Coinpedia Fintech News As per the latest Bloomberg report, Financial services firm Cantor