FTX’s former CTO pleads for non-custodial sentence, cites aid in Bankman-Fried’s conviction FTX’s former CTO pleads for non-custodial sentence, cites aid in Bankman-Fried’s conviction
Wang emphasized his minor role and collaboration with authorities in bid for non-custodial sentence.
2 min read
Updated: Nov. 7, 2024 at 11:12 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
FTX former Chief Technology Officer Gary Wang has requested leniency from the judge ahead of his Nov. 20 sentencing, highlighting his cooperation with law enforcement and his testimony against Sam Bankman-Fried, according to Nov. 6 sentencing memo.
According to the filing:
“Gary is profoundly remorseful and has taken extraordinary steps to assist the Government and others working on behalf of FTX victims. For these reasons and those set forth below, we respectfully request that the Court impose a time-served sentence.”
Wang’s limited knowledge
Wang’s legal team urged the court to consider a non-custodial sentence, noting that he had limited awareness of the criminal activities under investigation.
They further claimed that he only learned of the scheme when it was already in progress. His lawyers also emphasized that he played a minor role in the offense and was the first among the witnesses to cooperate fully.
Moreover, the lawyers noted Wang did not receive substantial bonuses and earned significantly less from FTX and Alameda Research, unlike some of his peers. They also argued that imposing a prison term would create an unnecessary disparity, failing to reflect his lower level of guilt and his cooperation with the authorities.
The lawyers concluded:
“Gary is a quiet young man. But his actions since FTXโs collapse have spoken volumes about the depth of his remorse and the strength of his character. Gary wants nothing more than to be a good husband and father and continue his work with the Government and other stakeholders to facilitate FTX victimsโ recovery and mitigate the risk of future frauds.”
Wang is one of three FTX executives who pleaded guilty and testified against Bankman-Fried during his trial last year. His testimony was crucial to Bankman-Fried’s conviction and subsequent 25-year prison sentence.
During the trial, Wang explained that Bankman-Fried had instructed him to modify FTX’s code, allowing Alameda Research access to customer funds. This change enabled Alameda to use these funds, which became central to the fraud allegations.
Wang also testified that when he questioned Bankman-Fried about Alameda’s access to customer funds, he was assured there was adequate collateral to cover the withdrawalsโan assurance that later proved false.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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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.
