Gary

FTX co-founder Zixiao “Gary” Wang was sentenced to time served plus forfeiture of assets in a United States district court in New York on Nov. 20, making him <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ftx-gary-wang-sentenced-what-to-expect" rel="null" target="null" text="null" title="null">the fifth and final executive sentenced</a> over the exchange’s 2022 collapse.&nbsp;
Wang pleaded <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/caroline-ellison-gary-wang-plead-guilty-to-fraud-charges" rel="null" target="null" text="null" title="null">guilty to fraud charges in December 2022</a> alongside former Alameda Research CEO Caroline Ellison. For her part in the scheme, in which she admitted to conspiring with FTX co-founder Sam Bankman-Fried to steal $8 billion, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ftx-alameda-research-caroline-ellison-report-prison" rel="null" target="null" text="null" title="null">Ellison received a two-year sentence</a>.&nbsp;
<h2 id="executive-sentencing">Executive sentencing</h2>
Judge Lewis Kaplan oversaw all five cases and issued prison time in Ellison’s case as well as Bankman-Fried’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sam-bankman-fried-sentenced-years-prison-hold" rel="null" target="null" text="null" title="null">25 years</a>) and former FTX Digital Markets co-CEO Ryan Salame (<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ftx-exec-ryan-salame-sentenced-guilty-plea" rel="null" target="null" text="null" title="null">7.5 years</a>).&nbsp;<iframe width="100%" height="315" src="https://www.youtube.com/embed/_vWUlHcMK1E" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
Wang’s sentence includes time served, three years’ probation, and forfeiture of all illicitly gained assets. Kaplan’s ruling in his case matches that of former FTX engineering director Nishad Singh’s.&nbsp;
Sing was given <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ftx-nishad-singh-sentenced-guilty" rel="null" target="null" text="null" title="null">time served plus probation in an October ruling</a> with Kaplan citing the former executive’s cooperation as a mitigating factor in the sentencing.&nbsp;
<h2 id="cooperative-witnesses">Cooperative witnesses</h2>
Judge Kaplan also pointed to Wang’s cooperation as the reason for his relatively light sentence. According to a report from The New York Times, Kaplan <a data-ct-non-breakable="null" href="https://www.nytimes.com/2024/11/20/technology/gary-wang-ftx-sentence.html" rel="null" target="null" text="null" title="null">told</a> the courtroom that he’d “never seen anything quite like what happened here,” adding that Wang was “entitled to a lot of credit” after he pleaded guilty and committed to assisting authorities.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ftx-gary-wang-cooperation-sentencing-criminal-case" rel="null" target="null" text="null" title="null">US gov’t points to Gary Wang’s ’outstanding cooperation’ in FTX case</a>
Wang was, again, remorseful in court:
<blockquote>
 “I took the easy path, the cowardly path, instead of doing the right thing. I will spend the rest of my life trying to make amends.”
</blockquote>
With sentencing complete, the next stage of the ongoing FTX criminal prosecutions’ process will unfold as lawyers for Bankman-Fried seek to free their client through the appeals process.&nbsp;
Bankman-Fried’s legal team first <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sam-bankman-fried-files-appeal" rel="null" target="null" text="null" title="null">filed for appeal in April</a>, just two weeks after being sentenced. In September, they filed <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sam-bankman-fried-appeal-fraud-conviction-sentence" rel="null" target="null" text="null" title="null">new paperwork seeking a retrial with a new judge</a> under the claimed pretense that Bankman-Fried wasn’t tried fairly.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-four-years-grow-cant-be-shut-down-kain-warwick-infinex/" rel="null" target="null" text="null" title="null">Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex</a>

FTX co-founder Gary Wang sentenced to time served

Table of Contents

Cointelegraph

Other articles published on Nov 20, 2024

Political Betting Contracts, Cross-Chain Communication Advances, and Crypto Payments in Detroit

South Korea’s Ruling Party Pushing for 2025 Rollout of New Crypto Tax Rules Despite Opposition

Solana Breaks $117 Billion Market Cap, Eyes $400 Price Target

Logan Paul's Secret $120K Meme Coin Profits Unveiled: Report

XRP Gains Momentum Following Key Breakout: What's Ahead?

LLY Stock Rebounds Amid AI-Driven ALS Research Breakthroughs

Join our free newsletter for daily crypto updates!