“I thought I was likely to be charged and I wanted to get a shorter prison sentence,” Wang said.
Former FTX Chief of technology Gary Wang took 6 days following FTX crash to tell federal prosecutors that he was going to cooperate.
“I thought I was likely to be charged and I wanted to get a shorter prison sentence,” Wang said.
Read more: FTX CTO testifies, admits to committing financial crimes with Sam Bankman-Fried
He entered a guilty plea to conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit wire fraud in December 2022 following FTX’s crash in November.
The 30-year-old Wang gave testimony about his time working with Bankman-Fried at FTX and described how closely its funds were linked to Alameda Research.
Gary Wang said that on November 7, 2022, when his boss tweeted, “FTX is fine.,” in response to a spike in client withdrawals, he was aware of a $8B shortage in customer assets. This testimony could be detrimental for Bankman-Fried’s defense.
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