PANews reported on November 7 that according to The Block, the lawyer of FTX co-founder Gary Wang asked the court to exempt him from prison before his upcoming sentencing on November 20. The lawyer pointed out that Wang fully cooperated with the investigation and that he was unaware of the specific illegal acts of FTX and Alameda Research, and believed that Wang's role was out of trust in former CEO Sam Bankman-Fried.
Wang pleaded guilty in December 2022, saying he was not aware that Alameda was abusing FTX user funds before FTX collapsed. His lawyer also said that Wang's wife Cheryl Chen is due to give birth on November 27, and the family's finances currently rely on Wang's income, and the loss of support has a huge impact on the family.
In addition, Wang testified at the Bankman-Fried trial, revealing Alameda’s special privileges on the FTX platform. It is reported that several FTX executives have received reduced sentences for varying degrees of cooperation, with former FTX engineering director Nishad Singh sentenced to three years of probation and former Alameda co-CEO Caroline Ellison sentenced to two years in prison.
