Gary Wang, the former CTO of the collapsed crypto exchange FTX, is appealing for leniency ahead of his November 20 sentencing. Wang’s legal team is arguing that his substantial cooperation with prosecutors in the Sam Bankman-Fried trial, coupled with his less significant role in the fraud scheme, warrants a non-custodial sentence.
Wang’s cooperation was instrumental in securing Bankman-Fried’s conviction. He testified about how he manipulated FTX’s code to allow Alameda Research, Bankman-Fried’s hedge fund, to siphon billions of dollars from FTX customer accounts.
Despite his involvement, Wang’s legal team contends that his role was less central than that of other key figures like Caroline Ellison and Nishad Singh. They emphasize that Wang was unaware of the full extent of the fraud and did not actively deceive investors.
In addition to his cooperation, Wang’s personal circumstances are also being considered. He has since married, started a new job, and is expecting a child. His legal team argues that a prison sentence would disproportionately impact his family and hinder his efforts to rebuild his life and contribute to the recovery efforts for FTX victims.
As Wang awaits his fate, the legal community will be watching closely to see how the court balances his cooperation with the severity of his crimes.