TechFlow news — On November 14, according to Bloomberg, U.S. federal prosecutors said that FTX co-founder Gary Wang provided "exceptional" assistance to federal investigators in the case against SBF. He has developed "tools" to help the U.S. government detect other fraudulent activities, which supports a request for leniency toward Wang. In a sentencing memo filed on Wednesday, federal prosecutors wrote: "Wang also provided substantial assistance and, in doing so, took steps to correct past wrongs by leveraging his extraordinary computer programming skills to identify potential fraud in equity 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 defraud customers, lenders, or investors, nor did he misappropriate customer funds. While prosecutors did not recommend a specific sentence, the filing urged the court to consider Wang’s exceptional cooperation. (Bloomberg)
Previously, lawyers for FTX co-founder Gary Wang argued that he should not be sentenced to prison, citing his cooperation with authorities and lack of awareness regarding the extent of the exchange's criminal conduct.
According to the sentencing memorandum filed on Wednesday, Wang claimed he was unaware of sister company Alameda Research’s misuse of FTX customer funds and only learned about it after the fraud was "well underway." Wang is scheduled to be sentenced in a New York court on November 20.
