FTX’s Gary Wang avoids prison after cooperating in crypto fraud case
Gary Wang, co-founder and chief technology officer of FTX, was sentenced to no time in prison on Wednesday, two years after the cryptocurrency firm collapsed and faced accusations of defrauding customers.
Wang testified over several days last year at the trial of FTX founder Sam Bankman-Fried, who was convicted of fraud and conspiracy and sentenced to 25 years in prison. The firm misappropriated over $11 billion of funds that belonged to customers, investors and lenders, The Associated Press reported.
A collapse in the crypto market exposed FTX’s scheme that ran from 2017 to 2022. Prosecutors described it as one of the largest financial frauds in U.S. history.
Wang, who pleaded guilty to…
