Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥
Key Takeaways
Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥
On November 20, a New York district court delivered its verdict for Zixiao “Gary” Wang, co-founder of FTX, including time served and asset confiscation.
The ruling, delivered by a US district court in New York, marks the conclusion of sentencing for the executives implicated in the 2022 collapse of FTX.
Wang had admitted guilt in December 2022, confessing to fraud-related offenses. His plea came alongside that of Caroline Ellison, former CEO of Alameda Research, a trading firm closely linked to FTX.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
How to Avoid Crypto Taxes? (Legal Ways Explained)
Presiding over all five cases, Judge Lewis Kaplan issued varying sentences to the implicated executives. Sam Bankman-Fried received 25 years behind bars, while Ryan Salame, former co-CEO of FTX Digital Markets, was sentenced to 7.5 years. Nishad Singh, who served as FTX’s director of engineering, received a sentence identical to Wang’s.
Judge Kaplan cited Wang’s cooperation with prosecutors as a factor in determining his relatively lenient punishment. During the sentencing, Wang expressed deep regret, admitting to his moral failures. He stated:
I took the easy path, the cowardly path, instead of doing the right thing. Nothing I do will ever be able to make up for it.
Looking beyond FTX, other high-profile cases have also seen dramatic outcomes. Earlier this month, the mastermind behind the infamous Bitfinex hack was handed a five-year prison sentence. How did one of the largest crypto heists unfold? Read the full story.
To ensure the highest level of accuracy & most up-to-date information, BitDegree.org is regularly audited & fact-checked by following strict editorial guidelines & review methodology.
Carefully selected industry experts contribute their real-life experience & expertise to BitDegree's content. Our extensive Web3 Expert Network is compiled of professionals from leading companies, research organizations and academia.