FTX co-founder avoids jail after co-operating in case against Sam Bankman-Fried

FILE – Gary Wang, co-founder and former chief technology officer of FTX Cryptocurrency Derivatives Exchange leaving the Manhattan federal court in October 2023 (Eduardo Munoz Alvarez/AP)

An apologetic FTX co-founder was sentenced on Wednesday to no time in prison after a prosecutor and a federal judge praised his co-operation against Sam Bankman-Fried and his efforts to recover money for victims of the cryptocurrency fraud.

Gary Wang testified for parts of three days at Bankman-Fried’s trial last year, explaining his role as FTX’s chief technology officer in a fraud that Judge Lewis A Kaplan described as one of the two or three biggest in US history.