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A former FTX executive charged with writing computer code to help his imprisoned ex-boss Sam Bankman Fried steal billions of dollars from crypto customers has been arrested by the U.S. government for the stock market. contributed to the elucidation of fraudulent activities.
A Wednesday court filing seeking leniency in the Nov. 20 sentencing for FTX's former chief technology officer (CTO) says that Gary Wang not only uncovered stock market fraud, but also The company has also developed software that can help detect currency crimes.
“This tool has significant potential value to the government,” the U.S. Attorney's Office in Manhattan said in a statement. “Mr. Wang's willingness to use his skills to help uncover other criminal activity in financial markets distinguishes his cooperation.”
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FTX co-founder and former chief technology officer Gary Wang finishes testifying at the trial of FTX CEO Sam Bankman Fried in New York City on October 10, 2023. , left Manhattan federal court. (Michael M. Santiago/Getty Images)
Mr. Wang is the last of Mr. Bankman Fried's former aides to be sentenced after the bankruptcy.
Bankman Freed is serving a 25-year sentence, his ex-girlfriend Caroline Ellison was sentenced to two years in prison, and another FTX computer programmer, Nishad Singh, was spared prison time. .
Sam Bankman Freed directed $40 million in cryptocurrency bribes to Chinese officials, federal prosecutors allege
FTX virtual currency derivatives exchange logo on a laptop screen located in Riga, Latvia, November 24, 2022. The collapse of Sam Bankman-Freed's FTX empire is a severe blow to the Bahamas' ambitions to become a hub for the crypto industry, with m (Photographer: Andrei Rudakov/Bloomberg via Getty Images)
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Wang said his former boss directed him to tweak the FTX software code to give Alameda special privileges. This allowed billions of dollars to be withdrawn.
Mr. Wang's lawyer is asking that his client not receive a prison sentence for his assistance.
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Prosecutors said details of the software tool were redacted from court filings because they could compromise its effectiveness.
