Assisting in the confession of FTX fraud, CTO Gary Wang exposes SBF and pleads for leniency to avoid imprisonment

With several senior executives of FTX cooperating with U.S. authorities, some members are currently undergoing detention and training. Meanwhile, Gary Wang, co-founder and CTO of FTX, is scheduled for sentencing on 11/20. Wang's lawyer has pleaded with the judge for leniency, as Wang assisted the prosecution in charging SBF and provided crucial testimony, hoping to avoid imprisonment.

Lawyer Seeks Probation for Wang Based on Cooperation and Family Factors

According to a report, Wang's lawyer, Ilian Graff, submitted a sentencing memorandum to the New York federal court on 11/8, emphasizing Wang's continued cooperation with the prosecution in the FTX bankruptcy case and providing crucial testimony that helped convict SBF. Graff stated that Wang's involvement was relatively minor and he was not actively participating in the illicit activities orchestrated by SBF.

Graff also mentioned Wang's current family situation to the court, indicating that Wang is married and about to become a father, with his sentencing date just a few days after the expected birth of his child. This plea is made in hopes that Wang will be granted probation to continue supporting his family while assisting in compensating the victims.

Wang Admits Guilt and Provides Insider Information, Key Testimony

Following the collapse of FTX, Wang promptly cooperated with the U.S. prosecution, admitting to fraud and conspiracy charges. Wang provided significant insider information during the trial of SBF, revealing that SBF instructed him to secretly modify the code, allowing sister company Alameda Research to access customer funds at will. Wang played a technical support role throughout the fraud scheme and did not have a complete understanding of the fraudulent activities. This is a key reason why Wang's legal team emphasizes that he was not a core participant in the criminal activities.

Discrepancies in Sentencing, Lawyer Seeks Consistency in Judgments

Graff stressed that Wang's level of involvement was significantly lower compared to other defendants, such as SBF and Alameda CEO Caroline Ellison who received a 2-year sentence, while former engineering manager Nishad Singh was granted probation.

Graff argued that imprisoning Wang would result in an unjust sentence disparity. He further mentioned that Wang had been employed at a visual technology company since February 2023 and started a family, aiming to establish himself in the industry and fulfill his family responsibilities. Wang is willing to assist the government in compensating FTX victims to mitigate the impact of the incident.

Former Friends Now at Odds, A Tragic Turn of Events

Wang and SBF met during a math camp in their student days, lived together in a fraternity dorm at MIT, and later co-founded FTX and Alameda Research. As FTX gained prominence, the two moved to the Bahamas together.

Wang, known for his reserved and technical nature, focused on technical work, while the outgoing SBF handled public relations, engaging with investors and the media. However, their paths diverged due to the FTX incident, placing them on opposing sides in court, marking a tragic end to their once close friendship.

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