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Cryptocurrency News Articles
Gary Wang, Co-Founder of FTX, Dodges Prison Time for His Role in the Collapse of the Crypto Giant
Nov 21, 2024 at 03:05 am
Gary Wang, co-founder of FTX, walked out of a Manhattan courtroom on Wednesday with a sentence of time served
FTX co-founder Gary Wang walked out of a Manhattan courtroom on Wednesday with a sentence of time served, narrowly avoiding any further jail time for his role in the collapse of the crypto giant.
Wang faced the judge and apologized, choking back tears as he spoke. “I am deeply sorry to the people who were hurt by my actions,” he said, his voice breaking. He admitted to taking what he called “the cowardly path” instead of standing up against the fraud.
U.S. District Judge Lewis A. Kaplan made the call, praising Wang’s swift and decisive cooperation after the FTX empire imploded late last year. Wang’s testimony and tech expertise played a major role in taking down the man behind it all — Sam “SBF” Bankman-Fried.
His regret wasn’t enough to erase his role in one of the largest financial scandals in crypto history, but it did sway the court. Kaplan acknowledged the weight of Wang’s cooperation, calling it extraordinary.
“I’ve never seen anything quite like what happened here,” he said.показати ще
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