As a seasoned crypto investor who has witnessed the rise and fall of several exchanges, I can’t help but feel a mix of emotions upon hearing about Zixiao “Gary” Wang’s sentencing. On one hand, it’s gratifying to see that justice is being served in this case, especially considering the massive losses suffered by many investors like myself. However, it’s hard not to feel a sense of disillusionment when yet another key player in the crypto world is found guilty of fraud.
In a U.S. district court in New York on November 20th, FTX co-founder Gary Wang was given a sentence of time served, along with the forfeiture of his assets. This makes him the fifth and last executive to be sentenced, following the 2022 collapse of the exchange.
In December 2022, Wang confessed to fraud allegations together with Caroline Ellison, previously the CEO of Alameda Research. As part of the deception, where she admitted to working in cahoots with Sam Bankman-Fried, co-founder of FTX, to misappropriate approximately $8 billion, Ellison was sentenced to two years in prison.
Executive sentencing
As the analyst in this scenario, I can confirm that Judge Lewis Kaplan has been instrumental in presiding over all five related cases. In particular, he handed down sentences for Ellison’s case and imposed a 25-year prison term on Sam Bankman-Fried, as well as a 7.5-year sentence on former FTX Digital Markets co-CEO Ryan Salame.
In Wang’s case, the sentence encompasses a prison term, a probation period lasting three years, and the confiscation of any assets obtained illegally. Kaplan’s judgment for him mirrors that given to Nishad Singh, the previous FTX engineering director.
In an October decision, Sing was handed a sentence that included time already served, along with probation. The judge mentioned Sing’s cooperation during the trial as a significant factor in determining a lenient sentence.
Cooperative witnesses
In the court’s opinion, Judge Kaplan highlighted Wang’s cooperation as a significant factor in his lenient sentencing. As reported by The New York Times, Kaplan expressed in court that this case was unique, and he believed Wang deserved considerable praise for admitting guilt and working with authorities.
Wang was, again, remorseful in court:
“I took the easy path, the cowardly path, instead of doing the right thing. I will spend the rest of my life trying to make amends.”
After the court proceedings have concluded, the subsequent phase of the FTX criminal trial will play out as attorneys for Bankman-Fried attempt to secure his release by pursuing the appeals procedure.
Initially, Sam Bankman-Fried’s legal representatives filed an appeal in April, mere weeks following his sentencing. Later in September, they submitted fresh documents requesting a re-trial with a different judge, asserting that the initial trial was not fair to Bankman-Fried.
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2024-11-20 21:29