Ex-FTX Executive Seeks Leniency Ahead of Sentencing, Cites Cooperation and Remorse
Gary Wang, the former Chief Technology Officer of FTX, has requested a lenient sentence ahead of his upcoming Nov. 20 hearing, citing his cooperation with authorities and his role in providing critical testimony against FTX founder Sam Bankman-Fried.
In a sentencing memo filed on November 6, Wang’s legal team highlighted his remorse and his active efforts to assist law enforcement and victims of FTX’s collapse.
Wang’s attorneys are urging the court to consider a non-custodial sentence, emphasizing that his involvement in the illegal activities was minimal and that he became aware of the wrongdoing only after it was already underway. They also noted that Wang was the first to fully cooperate with authorities, offering crucial insight into the situation. His defense pointed out that he did not receive the large bonuses or financial gains that other high-ranking figures at FTX and Alameda Research enjoyed, and that a prison sentence would unfairly reflect a greater level of guilt than his actions warranted.
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The filing also stresses Wang’s remorse and personal character, with his legal team asserting that his primary desire is to continue his life as a responsible family man and assist in the recovery of funds for FTX victims. Wang is one of the key witnesses who pleaded guilty and testified against Bankman-Fried during last year’s trial, which ultimately led to the latter’s conviction and a 25-year prison sentence.
In his testimony, Wang detailed how Bankman-Fried instructed him to alter the code on FTX’s platform, allowing Alameda Research to access customer funds, which was central to the fraud case. Wang also revealed that when he questioned Bankman-Fried about the safety of these funds, he was falsely reassured that sufficient collateral was in place to cover any withdrawals.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
