Future

bullish

Solana

Gary

<ul> 
 <li aria-level="1">Wang’s Testimony Against Sam Bankman-Fried Crucial: Helped Convict Ex-Boss Of Fraud, Resulting In A 25-Year Prison Sentence.</li> 
 <li aria-level="1">Former FTX CTO Admits Fault In Court: Apologizes For Role In Fraud, Commits To Amends Through Future Actions.</li> 
</ul> 
In a court decision in Manhattan, former FTX technology chief Gary Wang was granted exemption from prison despite his role in creating software that facilitated an $8 billion fraud. U.S. District Judge Lewis Kaplan emphasized Wang’s limited period of involvement and substantial cooperation with authorities as pivotal reasons for the leniency. 
Wang, who confessed to four counts of fraud and conspiracy, had previously <a href="https://www.ethnews.com/ftx-creditors-could-face-delays-as-sec-probes-repayment-plan/">testified against FTX</a> founder Sam Bankman-Fried, elucidating how the code he programmed under Bankman-Fried’s direction allowed for substantial financial manipulations favoring Alameda Research. 
This testimony was instrumental in Bankman-Fried’s conviction, leading to a 25-year prison sentence for defrauding FTX customers to support his hedge fund and other ventures. 
Despite his pivotal role in <a href="https://www.ethnews.com/ftx-prepares-for-massive-client-payouts-potentially-boosting-crypto-market-in-q4/">FTX’s operations</a>, Wang’s legal team argued that his actions were under the directive of Bankman-Fried without direct financial benefit or malicious intent on his part. 
They highlighted his naivety and manipulation by Bankman-Fried, which began during their previous acquaintance at MIT and extended into their professional collaboration. 
Acknowledging his past actions in court, Wang expressed remorse and a commitment to rectifying his mistakes, a sentiment that resonated with the prosecution. The U.S. Attorney’s Office in Manhattan recommended leniency, citing not only his cooperation but also his ongoing efforts to develop software aimed at detecting fraud within the stock and cryptocurrency markets. 
This unique capability to turn his profound technical skills towards constructive ends was noted by prosecutors as a reason to keep Wang out of prison. His ongoing work, they argued, offered more value to society if continued outside a cell. 
The hearing concludes the series of <a href="https://www.ethnews.com/allegations-of-illicit-political-donations-engulf-ftx-founders-family/">legal proceedings</a> involving Bankman-Fried’s closest associates, with varying sentences reflecting their roles and cooperation levels. 
While Caroline Ellison, another significant figure within FTX and Bankman-Fried’s former girlfriend, received a two-year sentence, Nishad Singh, like Wang, avoided prison owing to his cooperation. 
The case has drawn widespread attention, highlighting vulnerabilities within the cryptocurrency industry and prompting calls for tighter regulations. 
The verdict on Wang, in particular, underscores the complex considerations at play in prosecuting tech-centric financial crimes, balancing punitive measures with the potential for rehabilitative contributions to broader regulatory and compliance frameworks. 

<div class="cryptoboxes" id="mcw-12347" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="SOL" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
The current price of Solana (SOL) is $235.83 USD, with a 0.85% decline in the last 24 hours. 
Price Performance: 
Over the past week, Solana has gained 9.50%, outperforming the broader cryptocurrency market, which rose by 4.80%. On a monthly scale, SOL has increased by 41.3%, showcasing strong momentum. Year-to-date, Solana has surged an impressive 318.5%, underlining its robust recovery and rising adoption. 
Market Metrics: 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Market Capitalization: $111.93 billion USD</li> 
 <li style="font-weight: 400;" aria-level="1">Trading Volume (24h): $8.81 billion USD, reflecting high activity and liquidity.</li> 
 <li style="font-weight: 400;" aria-level="1">Circulating Supply: 470 million SOL</li> 
 <li style="font-weight: 400;" aria-level="1">Total Supply: 588.66 million SOL</li> 
</ul> 
Technical Analysis: 
<figure id="attachment_106609" aria-describedby="caption-attachment-106609" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-106609" src="https://www.ethnews.com/wp-content/uploads/2024/11/SOLUSDT_2024-11-20_21-28-15.png" alt="SOLUSDT_2024-11-20_21-28-15" width="1655" height="959">
 <figcaption id="caption-attachment-106609" class="wp-caption-text">
 Spurce: tradingview
 </figcaption>
</figure> 
Solana is currently trading slightly below its resistance level of $240 USD. A breakout above this level could trigger further upside movement toward its next target at $260 USD, potentially revisiting its all-time high of $259.96 USD achieved in November 2021.&nbsp; 
On the downside, key support lies at $220 USD, with stronger support at $200 USD, a critical level for maintaining bullish sentiment. 
The post <a href="https://www.ethnews.com/gary-wang-avoids-prison-time-credited-for-cooperation-with-prosecutors-played-minor-role-compared-to-co-defendants-in-ftx-fraud/">Gary Wang Avoids Prison Time: Credited For Cooperation With Prosecutors, Played Minor Role Compared To Co-Defendants In FTX Fraud</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Gary Wang Avoids Prison Time: Credited For Cooperation With Prosecutors, Played Minor Role Compared To Co-Defendants In FTX Fraud

ETHNews

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