FTX Co-Founder Gary Wang Avoids Prison Time

Gary Wang, the former chief technology officer of FTX and close confidant of Sam Bankman-Fried, has avoided prison time for his role in the crypto exchange’s fraudulent activities, according to The New York Times.

Wang had pled guilty in December 2022 to four serious charges, including wire fraud, conspiracy to commit wire fraud, securities fraud, and commodities fraud. However, his sentence was drastically reduced thanks to his significant cooperation with U.S. prosecutors, which played a key role in securing Bankman-Fried’s conviction.