Gary Wang, the former cryptocurrency executive who created the software that enabled FTX founder Sam Bankman-Fried to misappropriate around $8 billion from customers, was sentenced to no prison time by US District Judge Lewis Kaplan.

Meanwhile, the FTX bankruptcy estate is continuing its legal actions against cryptocurrency firms. On November 10, a group of companies filed a complaint against Binance, seeking to recover $1.8 billion in connection with the FTX case, as reported by Finance Magnates.

FTX Co-Founder Sentenced Leniently

District Judge Kaplan today (Wednesday). Wang, who is in his early 30s, had pleaded guilty to four felony counts of fraud and conspiracy. He also served as a prosecution witness in Bankman-Fried’s trial, which led to the latter's conviction.

Wang, who co-founded FTX with Bankman-Fried, had adjusted the software to give Bankman-Fried’s hedge fund, Alameda Research, special privileges that allowed it to withdraw billions from FTX unnoticed.

Prosecutors recommended leniency for Wang due to his cooperation in securing Bankman-Fried’s conviction and his smaller role in the fraud. Wang’s lawyer noted his efforts to develop fraud-detection tools for both the stock and cryptocurrency markets.