DeFi

Gary

Planet

<div class="intro-text">
 Gary Wang, former FTX co-founder and technology chief, has requested no jail time in a sentencing memo <a style="color: #0000ff;" href="https://www.courtlistener.com/docket/66631291/535/united-states-v-bankman-fried/" rel="noopener noreferrer nofollow">filed</a> on November 6, citing his significant cooperation in securing Sam Bankman-Fried’s conviction.&nbsp;
</div>
Wang, who served as a key witness against Bankman-Fried, argued that his testimony was vital to the U.S. government’s successful prosecution, which culminated in a 25-year prison sentence for the former FTX CEO in April.
His memo emphasized that his role in the events that led to FTX’s collapse and the estimated $10 billion fraud was relatively limited. It noted that his role primarily involved following Bankman-Fried’s directives, including altering FTX’s code to facilitate Alameda’s access to customer funds—<a href="https://defi-planet.com/2022/12/what-happened-to-ftx-the-anatomy-of-an-implosion/" rel="noopener noreferrer nofollow">a move that ultimately led to the platform’s downfall in 2022.</a>
The memo portrayed Wang as less culpable than former Alameda Research CEO Caroline Ellison and FTX’s engineering director Nishad Singh.&nbsp;
Both Ellison and Singh also cooperated with prosecutors and avoided severe sentences; Ellison received two years, while Singh was spared jail time entirely.
Wang, who is set for sentencing on November 20, 2024, by Judge Lewis Kaplan, argued that imprisoning him would create an “unwarranted sentencing disparity” compared to Singh’s outcome.&nbsp;
The memo also portrays Wang as an ongoing asset to fraud detection efforts, noting his work with prosecutors to develop anti-fraud software, potentially benefiting public markets and cryptocurrency exchanges.&nbsp;
With his wife expecting their first child this month, Wang expressed a desire to continue supporting his family and FTX’s victims by aiding the government in ongoing recovery efforts.
This request for <a style="color: #0000ff;" href="https://defi-planet.com/2024/09/caroline-ellisons-attorneys-push-for-no-prison-time-highlight-cooperation-in-sam-bankman-frieds-conviction/" rel="noopener noreferrer nofollow">leniency reflects the approach taken by Caroline Ellison, whose own sentencing plea emphasized her “extraordinary cooperation with the government</a>.” In her case, Ellison’s attorneys argued for time served and supervised release, explaining her pivotal role in helping secure Bankman-Fried’s conviction. Importantly, her testimony, along with that of Wang and Singh, was instrumental in Bankman-Fried’s conviction on seven counts of fraud and conspiracy.&nbsp;
&nbsp;
If you want to read more news articles like this, visit DeFi Planet and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap</a> Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”&nbsp;
The post <a href="https://defi-planet.com/2024/11/ftx-co-founder-gary-wang-seeks-no-jail-time-cites-key-role-in-bankman-frieds-conviction/" rel="noopener noreferrer nofollow">FTX Co-Founder Gary Wang Seeks No Jail Time, Cites Key Role in Bankman-Fried’s Conviction</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

FTX Co-Founder Gary Wang Seeks No Jail Time, Cites Key Role in Bankman-Fried’s Conviction

DeFi Planet

Other articles published on Nov 7, 2024

Fire Gary Gensler Tops Ripple CEO’s First 100-Day Checklist for Trump

Is Bitcoin Set to Soar Even Higher?

Lido DAO (LDO) Bullish Streak Likely to Continue if $1.24 Holds

Bitcoin ETFs Surge with Record Inflows as Price Nears All-Time High

Galaxy Digital’s Mike Novogratz Backs Hester Peirce For SEC Chair

Brad Garlinghouse: “I Hope Dems Find Way to Hold Gary Gensler Accountable For Ignoring Law”

Join our free newsletter for daily crypto updates!