{"id":142799,"date":"2024-11-21T11:30:19","date_gmt":"2024-11-21T09:30:19","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=142799"},"modified":"2024-11-21T00:03:04","modified_gmt":"2024-11-20T22:03:04","slug":"ftx-co-founder-gary-wang-sentenced-to-time-served-marks-end-of-executives-trials","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/ftx-co-founder-gary-wang-sentenced-to-time-served-marks-end-of-executives-trials\/","title":{"rendered":"FTX Co-Founder Gary Wang Sentenced to Time Served, Marks End of Executives&#8217; Trials"},"content":{"rendered":"<p>In a U.S. District Court in New York, Wang was handed a <strong><a href=\"https:\/\/www.reuters.com\/legal\/bankman-frieds-ex-deputy-wang-avoids-prison-time-over-crypto-fraud-2024-11-20\/\" rel=\"nofollow\">sentence<\/a> <\/strong>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.<\/p>\n<p>This ruling marks the conclusion of a series of convictions for FTX executives. Notably, Wang\u2019s 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.<\/p>\n<p>Wang\u2019s sentence, while less severe than those of some of his counterparts, reflected his cooperation with authorities. Judge Kaplan highlighted Wang\u2019s assistance in the investigation, which played a crucial role in securing a lighter penalty. The judge expressed that Wang\u2019s willingness to help was deserving of \u201ca lot of credit,\u201d acknowledging the unique circumstances of the case.<\/p>\n<p><div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1\">Read More:<\/h5>\n    <a class=\"article row post-142757\" href=\"https:\/\/cryptodnes.bg\/en\/logan-paul-faces-growing-scrutiny-over-crypto-promotions-and-nft-controversy\/\" title=\"Logan Paul Faces Growing Scrutiny Over Crypto Promotions and NFT Controversy\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2023\/02\/Logan-Paul-240x170.webp\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Logan Paul Faces Growing Scrutiny Over Crypto Promotions and NFT Controversy<\/h4>\n        <\/div>\n    <\/a>\n<\/div>\n<\/p>\n<p>Throughout the proceedings, Wang showed regret for his actions. In his court statement, he admitted to taking \u201cthe easy path\u201d and expressed his commitment to making amends for his involvement in the FTX scandal. Following Wang\u2019s sentencing, attention now shifts to Bankman-Fried\u2019s ongoing legal battle, with his legal team continuing to pursue an appeal for a retrial, citing claims of an unfair trial.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On November 20, 2024, Zixiao &#8220;Gary&#8221; Wang, co-founder of FTX, became the final executive to receive a sentence related to the exchange\u2019s notorious collapse in 2022.<\/p>\n","protected":false},"author":3,"featured_media":137809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[26],"tags":[],"coin_category":[],"class_list":["post-142799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocrime"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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