FTX co-founder Gary Wang has avoided prison time after his swift co-operation with prosecutors helped seal the criminal conviction of the crypto exchange’s other founder Sam Bankman-Fried.
At a hearing on Wednesday, judge Lewis Kaplan said Wang “immediately did the right thing” by travelling to the US from the Bahamas soon after FTX’s collapse in 2022 and offering his full assistance to law enforcement and the team overseeing the exchange’s bankruptcy.
He was sentenced to time served, and ordered to forfeit his share of $11bn in illicit gains.
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