Most recently a crypto media outlet reported that Gary Wang the CTO and co-founder of FTX has been closely working with the United States government to help develop fraud detection tools.
The information came into the spotlight following the recent filing by the litigation team Wang, which also notes that he has helped the authorities in developing two different software, one dedicatedly to tracking potential frauds and illicit activities in the public market. And the other one aims to recognize illegal activities in crypto trading platforms.
According to experts, Wang’s contribution to these software developments reflects his intentions to get a lesser sentence in the FTX crash incident. The final sentencing for the jail will be announced on November 20, 2024.
The accused official of FTX is expecting a lesser sentence as he has also testified to Sam Bankman Fried which led to his conviction in the same case.
The filing quotes“Gary is profoundly remorseful and has taken extraordinary steps to assist the Government and others working on behalf of FTX victims. For these reasons and those set forth below, we respectfully request that the Court impose a time-served sentence.”
In a previous trial, Wang told the court how Sam had secretly opened the door of Alameda Research for his users, which in the end led to the unauthorized transfer of millions in crypto.
Other accused employees and founding members of FTX are facing charges and the girl of Sam Bankman Fried is also in jail.
Will Court Set Gary Wang Free in the Final Judgement?
As per wider claims by legal experts, the cooperative attitude of Wang with the agencies and judiciary might impact the final judgment, but there is no assurance that the court grants any type of leniency in this high-profile bankruptcy case.
It is worth noting that the attorney representing him has argued for a prison-free sentence because of his dedication and commitment to building software in collaboration with the United States government.
Earlier in October 2024, Bloomberg reported that lawyers representing Nishad Singh, the former engineering head of FTX, filed a memo to the judge that he deserved a lighter sentence due to claims that Singh has limited involvement in the exchange collapse “the exemplary life he is committed to leading.”
Before the unprecedented collapse of FTX, its native token FTT was fairly trading above $21 but after the news of some loopholes in the balance sheet price followed a sudden declining momentum which led millions of investors into trouble losing billions in crypto in just a few hours.
As of writing the token was trading at $1.70, and on CoinMarketCap the page of the token quotes that the bankruptcy of FTX is underway and this token now has no use, proceed with caution.
At a time in 2022, Sam was named as one of the youngest and richest persons in the cryptocurrency market, with over a billion dollars in revenue and assets. During the time of FTX’s bankruptcy, the mansion that was bought by Sam was in controversy which was valued at more than 10 million.
