22 hours ago
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ARTICLE AD BOX
Gary Wang, a former top executive at the now defunct FTX Derivatives Exchange will not face jail term in the trading platforms fraud case. In a rare form of leniency, Judge Lewis Kaplan of the US District Court ruled in Federal Court in Manhattan.
Gary Wang Escape FTX Wrath
Prior to this sentencing hearing, Wang pleaded guilty to his role in the FTX bankruptcy. Despite writing the code that created the backdoor that permitted Sam Bankman-Fried (SBF) steal about $8 billion in customer funds, Judge Kaplan lean on Prosecutors who insisted that Wang did not spend a dime of customers’ money.
Also, Ilan Graff, Gary Wang’s lawyer appealed to Judge Kaplan to spare him jail term for his cooperation with prosecutors. This ruling aligns with that of Nishad Singh, another top FTX insider who escaped jail-term in the fraud case.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
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