Gary Wang’s extensive cooperation with prosecutors earns him leniency in the FTX fraud case.

Judge Credits Wang’s Cooperation

Gary Wang, the former Chief Technology Officer of FTX and close associate of Sam Bankman-Fried, has been spared prison time for his role in the cryptocurrency exchange’s fraud scheme. Judge Lewis A. Kaplan, who presided over the case, praised Wang’s significant cooperation with U.S. prosecutors, calling it deserving of a “world of credit.”

Wang, who pled guilty to four criminal charges in December 2022—including wire fraud and securities fraud conspiracies—was a key witness in the trial against Bankman-Fried. His immediate cooperation following FTX’s collapse in 2021 played a pivotal role in securing the conviction of the disgraced FTX founder.

Key Witness in Bankman-Fried’s Trial

After FTX’s implosion, Wang quickly met with prosecutors, providing crucial insights into the fraud scheme. Alongside Caroline Ellison, former CEO of Alameda Research, Wang was one of two key witnesses in the trial. Ellison, also a former girlfriend of Bankman-Fried, was sentenced to two years in prison in September.

During the sentencing, Judge Kaplan acknowledged Wang’s remorse and extensive assistance in the case, which ultimately led to leniency. “There are so many things I could have done differently,” Wang said in a brief statement, expressing deep regret for his involvement in the scheme.

Other Sentences in the FTX Case

Wang is the last FTX executive to be sentenced. In October, Nishad Singh, the former Director of Engineering at FTX, was also spared prison time due to his cooperation. The harshest sentence so far has been given to Ryan Salame, who was sentenced to seven and a half years in prison for campaign finance fraud.

Wang’s case marks the end of a series of high-profile sentences stemming from the FTX scandal, underscoring the weight given to cooperation with authorities in major fraud investigations.