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Former FTX CTO Gary Wang Asks Court for No Jail Time

I,Gary Wang, the former chief technology officer at FTX and a one-time member of former CEO and convicted fraudster Sam Bankman-Fried’s inner circle, has requested that he serve no prison time for his role in the crypto exchange’s 2022 implosion.Wang will be the fourth FTX employee to be sentenced. He pleaded guilty to four criminal counts — wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud — in December 2022.UnmuteTrump Victory Sends Crypto Market Cap to $2.5T

02:31Bitcoin Hits Record High as Donald Trump Wins U.S. Election24:55Crypto Under a New Administration: Regulatory Outlook From Coinbase's Paul Grewal01:35Why Bitcoin Will Be the Winner Regardless of U.S. Election Results02:25DOGE Surges on U.S. Election Day; Bitcoin ETFs Shed $541M and Mt. Gox Moves $2.2B BTCThough the charges carry a maximum combined sentence of 50 years in prison, the sentences meted out to Wang’s former colleagues are a likely better indicator for how Judge Lewis Kaplan of the Southern District of New York (SDNY) will sentence Wang on Nov. 20. Sam Bankman-Fried was sentenced to 25 years in prison in March, after pleading "not guilty" to seven fraud and conspiracy charges and being convicted. Ryan Salame, the former CEO of FTX Digital Markets, pled guilty to two charges but did not cooperate with prosecutors and received a 7.5 year sentence. Caroline Ellison, the former CEO of Alameda Research, was sentenced to 2 years in prison after pleading guilty to the same charges as Bankman-Fried. And last month, Nishad Singh, the former director of engineering, was spared jail time entirely after pleading guilty to six charges and cooperating with prosecutors.

In their sentencing memo submitted to the court on Wednesday, Wang’s lawyers said that the factors cited in Judge Kaplan’s decision to sentence Singh to time served are “similarly applicable” to Wang.“Like Singh, [Wang’s] involvement in the offense was ‘much more limited than’ Bankman-Fried and Ellison,” Wang’s lawyers wrote. “Like Singh, [Wang] learned of the scale and scope of Alameda’s theft ‘relatively late in the day’ and was subject to Bankman-Freid’s ‘charismatic, demanding’ and ‘deceitful’ influence….and like Singh, [Wang’s] cooperation was ‘remarkable.’But Wang’s lawyers went a step further in their comparison – Wang, they argued, was even less involved in Bankman-Fried’s schemes – and reaped fewer financial rewards – than Singh, who went through with the purchase of a $3.7 million ten-acre estate after learning of FTX’s financial problems in October 2022.

“Unlike Singh, [Wang] did not engage in money laundering or participate in the straw donor scheme. Unlike Singh, [Wang] did not generate false revenue, code a fake insurance fund, try to persuade Bankman-Fried to fraudulently conceal his loans, or otherwise participate in affirmatively deceptive conduct. And, unlike Singh, [Wang] did not receive cash bonuses or spend FTX proceeds on real estate or other extravagant goods,” Wang’s lawyers wrote. “All of these factors combine to make him meaningfully less culpable than Singh.”Wang’s role at FTX, they said, was to write code – including the now-infamous “backdoor” that allowed Alameda to withdraw customer funds from FTX.

“At Bankman-Fried’s direction, Gary wrote code that gave Alameda Research special privileges on the FTX platform, including the ability to have a negative balance, a $65 billion line of credit, and an exemption from the platform’s auto-liquidation feature,” they wrote. “Crucially, as the Government has acknowledged and the evidence at trial showed, when Gary wrote that code, he had no idea Bankman-Fried would exploit the features to steal customer funds.”In their memo, Wang’s lawyers told the court that their client never sought compensation beyond his $200,000 annual salary. When he was given an unsolicited $1 million loan from Sam Bankman-Fried, he loaned $200,000 to his then-fiancee Cheryl Chen to buy a house in St. Kitts. The remaining $800,000, they said, was still in his FTX account at the time of its collapse.

Wang, his lawyers said, was uninterested in the “fame or the trappings of wealth” that his colleagues and former friends enjoyed during FTX’s run. The suit he wore to testify at Bankman-Fried’s trial, they said, was the same one he wore in high school orchestra.Following the collapse of FTX, his lawyers said, Wang has lived with his mother and gotten a full-time job at a 3D imaging company as a software engineer. In January 2023, he and Chen married, and are expecting their first child later this month.Wang is set to be sentenced on Nov. 20.Edited by Nikhilesh De.

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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