FTX Co-Founder Gary Wang Walks Free with Time Served

Cryptos: 21,330
Exchanges: 1,863
Market Cap: $3.38T 1.06%
24h Vol: $139,481,464,852 38.54%
Dominance: BTC: 64.0% ETH: 9.1%
Gas: 0 GWEI

Connect

Crypto News Regulation

FTX Fallout Finale: Co-Founder Gary Wang Walks Free with Time Served

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 21, 2024

Key Takeaways

Gary Wang’s sentencing included time served, probation, and asset forfeiture for his involvement in FTX's downfall;
Judge Kaplan emphasized Wang’s cooperation, which influenced his relatively mild sentence;
All five executives implicated in the 2022 FTX scandal have now been sentenced.

Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥

FTX Fallout Finale: Co-Founder Gary Wang Walks Free with Time Served

BITDEGREE IN YOUR SOCIAL FEED

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.

ICO vs IDO vs IEO: Which One's the Best? (Easily Explained)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

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.