FTX CTO Gary Wang actively cooperated and received a three-year suspended sentence for developing programs to assist the government in combating fraud.

As the co-founder and CTO of FTX, Gary Wang was recently sentenced, and due to his active cooperation in the FTX case, he was ultimately sentenced to three years probation by the US prosecutors and ordered to forfeit 11 billion USD. Wang is also the last senior executive to be tried after the collapse of FTX.

Gary Wang admits to four charges and actively cooperates to receive a three-year probation.

According to reports, Gary Wang was charged by the U.S. prosecutors with four counts, including 'conspiracy to commit wire fraud,' 'wire fraud,' 'conspiracy to commit commodity fraud,' and 'conspiracy to commit securities fraud' after the collapse of FTX, with a maximum sentence of up to 50 years. However, due to Wang's full and proactive cooperation with the prosecutors during the investigation, he was ultimately sentenced to three years of probation without additional imprisonment. At the same time, Wang was also ordered to surrender 11 billion U.S. dollars, consistent with other senior FTX executives.

Admitting mistakes attitude recognized by the judge, programming skills help the government to combat fraud.

Wang expressed deep regret in court and offered his deepest apologies to FTX's customers and investors. He admitted to choosing a cowardly path and failing to make the right decision. He stated that he will spend the rest of his life making up for it. Wang's family also stood with him in court to face the consequences.

The US prosecutors stated that Wang was the earliest senior executive of FTX to proactively cooperate and played a key role in this case, explaining in detail the technical details of FTX, helping the prosecutors clarify how user funds were transferred from FTX to sister organization Alameda Research. It is further stated that Wang also utilized his programming skills to assist the government in developing a "tool to detect potential fraud in the stock market and cryptocurrency." The prosecutors stated that they had never seen such a cooperative attitude, and Wang deserves recognition.

Current status of FTX senior management's trial

The founder of FTX, SBF, has been sentenced to 25 years in prison. Caroline Ellison, the CEO of Alameda Research and SBF's girlfriend and sister organization, is currently serving as a key witness for the prosecution and has been sentenced to two years in prison. Another senior executive of FTX, Ryan Salame, has been sentenced to seven and a half years in prison and is currently serving his sentence.

Only FTX's former chief engineer Nishad Singh received a three-year probation for his cooperative attitude. Gary Wang, the last defendant in the FTX case, also received probation as a senior executive. His active cooperation not only saved himself from prison, but also helped the prosecution conclude the largest fraud case in the history of cryptocurrency.

(Assisting in confessing FTX fraud, CTO Gary Wang exposed SBF and pleaded for leniency)

This article FTX CTO Gary Wang actively cooperated and was granted a three-year probation, developing programs to assist the government in combating fraud, which first appeared on Chain News ABMedia.