FTX Co-Founder Gary Wang Sentenced to Time Served, Marks End of Executives’ Trials

On November 20, 2024, Zixiao "Gary" Wang, co-founder of FTX, became the final executive to receive a sentence related to the exchange’s notorious collapse in 2022.

In a U.S. District Court in New York, Wang was handed a sentence of time already served, along with a probation period of three years and a mandate to forfeit any illicitly acquired assets. Wang had admitted his role in the fraud back in December 2022, alongside Caroline Ellison, the former CEO of Alameda Research.

This ruling marks the conclusion of a series of convictions for FTX executives. Notably, Wang’s case was heard by Judge Lewis Kaplan, who also sentenced other key figures involved in the scandal, including Sam Bankman-Fried, who received a 25-year prison sentence. Former FTX co-CEO Ryan Salame was also sentenced to 7.5 years behind bars.

Wang’s sentence, while less severe than those of some of his counterparts, reflected his cooperation with authorities. Judge Kaplan highlighted Wang’s assistance in the investigation, which played a crucial role in securing a lighter penalty. The judge expressed that Wang’s willingness to help was deserving of “a lot of credit,” acknowledging the unique circumstances of the case.

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Throughout the proceedings, Wang showed regret for his actions. In his court statement, he admitted to taking “the easy path” and expressed his commitment to making amends for his involvement in the FTX scandal. Following Wang’s sentencing, attention now shifts to Bankman-Fried’s ongoing legal battle, with his legal team continuing to pursue an appeal for a retrial, citing claims of an unfair trial.

Alexander Stefanov