FTX co-founder Gary Wang sentenced to ‘time served’ as FTX criminal cases end
Gary Wang, co-founder and former CTO of FTX, received a sentence of time served with no additional jail time after cooperating extensively with U.S. prosecutors in a major financial fraud case. Judge Lewis A. Kaplan acknowledged Wang's significant assistance, noting the case's scale as one of the largest in U.S. history. Wang faced up to 50 years in prison but began cooperating after FTX's collapse in November 2022. His technical expertise helped prosecutors understand how FTX misappropriated customer funds, revealing that billions were sent to Alameda Research without consent. Wang developed software tools for the investigation and expressed remorse for his actions, pledging to assist in making customers whole. He received three years of supervised release. Wang's sentencing follows that of Caroline Ellison, former CEO of Alameda Research, who was sentenced to two years for her cooperation.
