Former FTX executives Gary Wang, Nishad Singh face sentencing later this year Former FTX executives Gary Wang, Nishad Singh face sentencing later this year
Legal experts suggest that FTX executives Wang and Singh's cooperation with prosecutors may reduce their sentences.
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Updated: Jul. 9, 2024 at 10:07 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The sentencing for senior FTX executives Gary Wang and Nishad Singh is set for later this year, as per a July 9 court docket.
Wang, former CTO and co-founder of the defunct exchange will be sentenced on Nov. 30. Meanwhile, former engineering director Singh’s hearing is slated for Oct. 30.
Judge Lewis Kaplan, who presided over the trial of convicted FTX CEO Sam Bankman-Fried, will handle their cases in a New York court. Bankman-Fried received a 25-year prison sentence in late March.
Wang and Singh, close associates of Bankman-Fried, pleaded guilty to criminal charges after FTX’s collapse in November 2022 and cooperated with prosecutors. Both executives testified against SBF, revealing they learned of the wrongdoing at the exchange shortly before its bankruptcy filing.
Wang admitted to financial misconduct during his time at FTX, disclosing specific privileges granted to Alameda Research on Bankman-Fried’s instructions. Singh testified about Bankman-Fried’s “excessive” spending and unilateral use of Alameda’s funds.
Legal experts suggest that Wang and Singh could face decades in prison. However, their cooperation with authorities might result in significantly reduced sentences.
This update comes after Ryan Salame, another key FTX figure, was sentenced to 7.5 years in prison for campaign finance violations and running an unlicensed money-transmitting business. Interestingly, Salame has become an active user of social media platform X since his sentencing in May.
Caroline Ellison’s sentencing remains pending. The former CEO of Alameda Research has also pleaded guilty to seven federal counts and testified against SBF.
During Bankman-Fried’s trial, Ellison, who was also his former girlfriend, confirmed that customer funds were used to finance Alameda’s activities.
Additionally, she testified that the Chinese government froze $1 billion of Alameda’s funds held on crypto exchanges OKX and Huobi as part of a money laundering investigation.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
Ryan Salame is the former co-CEO at FTX Digital Markets (FDM), the Bahamian subsidiary of FTX Trading Limited.
Caroline Ellison is the former lead trader and former CEO at Alameda Research.