PANews reported on November 14 that according to Bloomberg, like his former FTX colleagues who became witnesses for the US government, Gary Wang provided "outstanding" assistance to federal prosecutors in their case against Sam Bankman-Fried (SBF), the founder of the crypto exchange FTX. In seeking leniency for him, prosecutors said that Wang created "tools" to help the US government detect other frauds.
"Wang also provided substantial assistance — and took steps to correct past mistakes in the process — by using his extraordinary computer programming skills to detect potential fraud in the stock and cryptocurrency markets," federal prosecutors wrote in sentencing documents filed Wednesday. "Unlike other co-conspirators, Wang did not lie to customers, lenders, or investors, nor did he spend his customers' money." While prosecutors did not make a specific sentencing recommendation, the filing asked the court to consider Wang's outstanding cooperation. Prosecutors also said Wang was the first FTX insider to cooperate with prosecutors, even though there was little documentary evidence linking Wang to the fraud.
Gary Wang is scheduled to be sentenced on November 20 for his role in the FTX collapse.
