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One of the FTX co-founders who pleaded blameworthy to monolithic fraud and cooperated against CEO Sam Bankman-Fried was sentenced Wednesday to clip served.
Gary Wang, 32, walked retired of Manhattan Federal Court a escaped man.
New York national prosecutors repeatedly praised Wang for his cooperation, describing him arsenic the archetypal FTX worker to flip and assistance investigators successful the case. The feds said Wang “deciphered fundamentally fractional the lawsuit for us” connected his archetypal time arsenic a cooperating witnesser successful November 2022.
The speedy probe allowed U.S. authorities to rapidly extradite Bankman-Fried from his palatial residence successful The Bahamas and haul him earlier a justice successful Manhattan. After pleading not guilty, Bankman-Fried was convicted astatine proceedings and sentenced to 25 years down bars.
Wang testified crossed 3 days of Bankman-Fried’s October 2023 trial. He told authorities helium inserted codification into FTX’s operations that allowed its sister firm, Alameda Research, to person a preposterous $65 cardinal enactment of recognition and usage lawsuit funds to wage losses. FTX yet stole $11 cardinal from its users.
Wang was 1 of respective FTX employees to testify against Bankman-Fried. All the cooperators were praised by authorities for their assistance to unravel the case, but Wang was the highest-profile idiosyncratic to person nary further situation time.
Caroline Ellison, Bankman-Fried’s ex-girlfriend and the CEO of Alameda, got 2 years successful prison.
Wang said helium “took the cowardly way alternatively of doing the close thing. Nothing I bash volition ever beryllium capable to marque up for it.”
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