US prosecutors: FTX co-founder Gary Wang developed software tool to help the US government detect fraud
On November 14, it was reported that, like former FTX colleagues who became a U.S. government witness, Gary Wang provided "outstanding" assistance to federal prosecutors in the case against Sam Bankman-Fried (SBF), founder of crypto exchange FTX. In seeking clemency for him, prosecutors said Wang created "tools" to help the U.S. government detect other frauds. Federal prosecutors wrote in sentencing documents filed Wednesday: "Wang also provided extensive assistance and took steps to correct past mistakes in the process, using his extraordinary computer programming skills to detect potential fraud in the stock and cryptocurrency markets." Unlike other co-conspirators, Wang did not lie to clients, lenders or investors, nor did he spend clients 'money." Although prosecutors did not make specific sentencing recommendations, the documents submitted required the court to consider Wang's outstanding cooperation. Prosecutors also said Wang was the first FTX insider to cooperate with prosecutors, although there was little written evidence linking Wang to the fraud. It is reported that Gary Wang is scheduled to be sentenced on November 20 for his role in the FTX collapse.
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