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FTX co-founder Gary Wang seeks judge's ruling to avoid jail time before sentencing

FTX co-founder Gary Wang seeks judge's ruling to avoid jail time before sentencing

CointimeCointime2024/11/07 00:11
By:Cointime

On November 7th, FTX co-founder Gary Wang's lawyer argued that Wang should not be sentenced to prison, as he cooperated with authorities and was unaware of the extent of the exchange's criminal activities. According to a sentencing memorandum filed on Wednesday, Wang claimed he was unaware of Alameda Research, a sister company, misappropriating FTX customer funds and only learned of the situation after the fraudulent activity "had gone smoothly." Wang will be sentenced on November 20th in a New York court. His son is also due to be born on November 27th, and both he and his wife Cheryl Chen are full-time software engineers. The memorandum stated that his current work involves supporting "forensic companies, criminal investigators, and legal professionals seeking faithful preservation of evidence." Later, Wang testified in the trial of SBF, telling the court about SBF's secret granting of special privileges to Alameda Research's account on FTX. The lawyer also claimed, "it is critical, as the government has acknowledged and trial evidence has shown, that when Gary wrote the code, he did not know that Bankman-Fried would use these features to steal customer funds. Bankman-Fried did not even notify Gary before starting to use these features."

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