ChainCatcher news, FTX co-founder and former CTO Gary Wang provided extensive cooperation to U.S. prosecutors, resulting in a sentence that has already been served, with no additional prison time.Wang faced a maximum of 50 years in prison but began cooperating with authorities shortly after the collapse of FTX in November 2022.Prosecutor Andrew Roos emphasized the uniqueness of Wang's cooperation, highlighting his technical expertise and willingness to assist from the very beginning. Roos stated, "He cracked half the case for us on the first day of cooperation." Wang's insights were crucial for understanding how FTX's code allowed the misappropriation of customer funds, which played a central role in the fraudulent activities associated with the exchange.

ChainCatcher news, according to market news, Sam Bankman-Fried's former deputy, FTX co-founder Gary Wang, has been spared from imprisonment by a U.S. judge due to his role in the FTX cryptocurrency fraud case.

ChainCatcher news, according to Bloomberg, U.S. federal prosecutors stated that FTX co-founder Gary Wang provided "outstanding" assistance to federal prosecutors in the SBF case, having created "tools" to help the U.S. government uncover other fraudulent activities and advocating for leniency for Wang.In a sentencing report submitted on Wednesday, federal prosecutors wrote: "Wang also provided substantial assistance and took steps to correct past mistakes in the process, utilizing his extraordinary computer programming skills to detect potential fraud in the stock and cryptocurrency markets." Details of Wang's code were heavily redacted in government documents.The U.S. government stated that, unlike his co-conspirators, Wang did not deceive customers, lenders, or investors, nor did he misappropriate customer funds. While prosecutors did not recommend a specific sentence, the submitted memorandum requested the court to consider Wang's outstanding cooperation.

ChainCatcher news, November 7, FTX co-founder Gary Wang's lawyer argued that Wang should not be sentenced to prison, as he cooperated with authorities and was unaware of the extent of the exchange's criminal activities.According to a sentencing memorandum submitted on Wednesday, Wang stated that he was not aware of the misappropriation of FTX customer funds by sister company Alameda Research and only learned of the situation after the fraudulent activities were "well underway." Wang is scheduled to be sentenced in a New York court on November 20. Wang's son is also set to be born a week later on November 27, and both he and his wife Cheryl Chen are full-time software engineers. The memorandum states that his current work includes supporting "forensic companies, criminal investigators, and judicial professionals seeking to preserve evidence faithfully."Wang later testified in SBF's trial, telling the court about the special privileges secretly granted to Alameda Research for accounts on FTX. The lawyer also stated, "It is crucial, as acknowledged by the government and evidenced in the trial, that when Gary was writing code, he had no idea that Bankman-Fried would exploit these features to steal customer funds. Bankman-Fried did not even inform Gary before he began to utilize these features (let alone coordinate with him)."

ChainCatcher news, according to Jinshi reports, court records show that former cryptocurrency exchange FTX executive Nishad Singh will be sentenced on October 30, having testified against FTX co-founder Sam Bankman-Fried. Another co-founder, Gary Wang, will be sentenced on November 20.

ChainCatcher news, according to Cointelegraph, FTX founder SBF has partially blamed the failure of FTX on former CTO Gary Wang and former engineering director Nishad Singh, suggesting during the trial that former chief technology officer Gary Wang bore some responsibility for creating a "negative allowed" button for Alameda Research. This feature allowed Alameda to trade more funds than it had available.SBF stated, "At the time, I wasn't entirely sure what was happening. I thought the funds were either held in a bank account or sent to FTX in the form of stablecoins. If Alameda had kept it, I believed it would reflect as a negative on FTX."

ChainCatcher news, according to Cointelegraph, Sam Bankman-Fried's (SBF) lawyer stated in a letter to New York District Judge Lewis Kaplan that Joseph Pimbley of the litigation consulting firm PF2 Securities will testify on behalf of SBF. Pimbley will testify based on information from the FTX database, demonstrating that the credit line between Alameda and FTX "fluctuated between approximately $1 billion and $3 billion" from October 2021 to September 2022, and saw a decline in June 2022.Joseph Pimbley will also refute the testimonies of Caroline Ellison, FTX co-founder Gary Wang, former FTX engineering director Nishad Singh, and former FTX employee Adam Yedidia regarding the Alameda credit line and FTX customers' use of margin trading. Joseph Pimbley is one of the seven expert witnesses previously proposed by SBF's legal team, whom Judge Kaplan had earlier barred from testifying.

ChainCatcher news, according to The Block, based on the testimony of FTX co-founder Gary Wang, SBF drafted a series of tweets (unpublished) two months before the FTX collapse (September 2022), planning to announce the closure of Alameda Research while he was considering the future of Alameda.In the draft tweets, SBF referred to Alameda Research as his "greatest success, even if a brief failure." The failure SBF referred to was Alameda losing millions of dollars worth of XRP tokens. In the draft tweets, SBF pointed fingers at his competitors, stating that the claims of Alameda and FTX being too closely linked were "mainly spread by FTX's competitors, who were trying to divert attention from their own issues." Gary Wang also stated that SBF ultimately did not close Alameda Research because the company owed FTX $14 billion.

ChainCatcher news, according to Decrypt, FTX co-founder Gary Wang testified in court on Thursday that SBF had allowed Alameda to withdraw funds without limit. Alameda had a large credit line to execute orders more quickly on the FTX platform and could withdraw funds without limit.Gary Wang stated that at the time of FTX's collapse, Alameda had already withdrawn $8 billion from the platform and had withdrawn $65 billion from its credit line.Gary Wang also mentioned that his personal annual salary was $200,000, and he held a 17% stake in FTX. SBF owned "about 65%" of the company's shares. Meanwhile, SBF held 90% of Alameda Research, while he only held 10% of the shares. During his time at FTX, he was allowed to withdraw $200,000 from the company to buy a house and received up to $300 million in funding to invest in other startups. Gary Wang also stated that SBF was responsible for public-facing roles such as lobbying and talking to the media, while his responsibilities were limited to coding.

ChainCatcher news, according to court documents, the U.S. Department of Justice has seized over 55 million shares of Robinhood held by SBF and his FTX co-founder Gary Wang through the holding company Emergent Fidelity Technologies. Based on last Friday's closing price, 55 million shares of Robinhood are valued at approximately $456 million. The stock had previously been held in an account at the UK brokerage firm ED&F Man. (Source link)

ChainCatcher news, according to Bloomberg, in a court document, the FTX restructuring team accused the Bahamian government of interfering with its work. The FTX legal team stated that before former FTX CEO Sam Bankman-Fried (SBF) was blocked from accessing the FTX system, the Bahamas requested him to mint new tokens worth hundreds of millions of dollars and then transfer those tokens under the control of Bahamian officials.When current FTX CEO John J Ray III and his team attempted to take control of FTX's computer systems, they saw someone minting new tokens. Ultimately, they concluded that this was being done at the request of SBF and Gary Wang in the Bahamas. SBF indicated to Bahamian officials that he could open withdrawals for local users, and the next day, the platform saw outflows of $100 million.According to ChainCatcher previous reports, SBF has been arrested by Bahamian police, and the U.S. has filed criminal charges against SBF and may seek to extradite him. U.S. Attorney for the Southern District of New York Damian Williams stated that an indictment is expected to be announced on Tuesday morning local time, with more news to follow. The New York Times reported that the U.S. criminal charges against SBF include multiple counts of wire fraud, securities fraud, and money laundering. (Bloomberg)

ChainCatcher news, according to The Block, a GitHub account suspected to belong to FTX co-founder and CTO Gary Wang has started circulating on Twitter. This account has been contributing code to a private GitHub repository throughout the week, even though FTX has entered bankruptcy.Since the repository is private, it is impossible to determine the purpose of the code changes. According to analysis, contributions to the Solana Serme wallet repository confirm that this GitHub account belongs to Gary Wang. (source link)

ChainCatcher news, Github information shows that Gary Wang has been continuously updating the code recently, with a higher frequency in the past two days. On November 11, Gary Wang submitted code 5 times. On November 10, Gary Wang submitted code 19 times.The FTX official website shows that Gary Wang is the founder and CTO of FTX. Among the team members disclosed on the official website, only SBF and Gary Wang hold the title of "founder". (source link)