Gary Wang, cofounder of the now defunct crypto exchange FTX, was sentenced to no prison time for his role in the multibillion-dollar fraud.
Judge Lewis Kaplan told Wang during his Wednesday morning sentencing that he deserved “a world of credit” for speaking up and cooperating soon after learning that FTX had illegally used customer funds for risky trading and venture investments, according to Bloomberg. Wang was more involved on the technology side, writing code for the website while his cofounder Sam Bankman-Fried ran the business side.
Bankman-Fried, Wang’s childhood math-camp bestie turned business parter, was sentenced to 25 years after prosecutors painted him as the mastermind of the crime during trial. Wang, Bankman-Fried’s soft-spoken and mysterious second-in-command, was one of several close friends who testified against him.
Prosecutors recommended a light sentence for Wang, as they did for Caroline Ellison, another key witness in the case. Despite her cooperation, she was sentenced to two years in prison in September for her role in the massive financial fraud scheme.