’It must be noted that FTX co-founder Gary Wang is now seeking mercy from a federal judge to avoid going to prison after the latest sentencing of FTX executive Nishad Singh who also does not have time,’ Yong said. Wang’s appeal emerges at what time Singh, the earlier engineering chief of the defunct FTX, was released on non-custodial terms leading Wang’s lawyer Ilan Graff to argue that sending Wang to prison would cause an “unmerited disparity on sentencing”.
Out of [Manhattan federal court] submitted memo addressing the score of FTX’s misconduct, Graff stressed that Wang’s involvement was far less compared to other executives who testified against SB-F, former FTX CEO – Ellison, and Singh. “Gary did not know the scheme when it began, was never told details of it, and whose actions did not include a single act of pretence in the manner Alameda Research’s Bankman-Fried, Ellison, and Singh engaged in,” Graff stated.
Wang Testifies on FTX Code Modifications and Seeks Leniency Citing Family Responsibilities
Wang also testified at the beginning of Bankman-Fried’s trial, saying that the former had instructed him to make changes to FTX’s code to give Alameda Research full access to the client’s assets. However, Wang says that he only learned of the details of the fraudulent activities when they had already gotten “underway.” In the memo, Graff also pointed out Wang’s reasons for not going to jail – he was expecting a child and was going to be a father.
Currently, Wang has been working for an imaging technology company since February 2023; according to his lawyer, he intends to provide for his family, cooperate with the authorities, and help in attempts to get back money from defrauded FTX clients. Wang is one of Bankman-Fried’s old school acquaintances and friends since their college years at MIT and played a significant role in FTX’s growth, despite avoiding accountability for the current mess since the firm’s failure.
After the FTX failure, Wang turned into one of the initial top executives to give vital information to the prosecutors concerning Bankman-Fried’s estimated $10 billion fraud sting. While Bankman-Fried got a 25-year prison term, Ellison got a two-year term despite her seeking leniency for no prison time.
