FTX co-founder Gary Wang, center, near the federal courthouse in Manhattan as he was set to testify again on Oct. 10, 2023 (Victor Chen/CoinDesk) Gary Wang, the former chief technology officer at FTX, was spared prison time by a judge on Wednesday.

Mr. Wang is the last close colleague of the FTX founder Sam Bankman-Fried to be sentenced for the fraud that caused the crypto exchange to collapse in 2022.

Wang is the fifth FTX executive who has faced sentencing in relation to the high-profile collapse of FTX in 2022. Bankman-Fried is currently serving a 25-year sentence in federal prison.

Gary Wang, one of the FTX co-founders who pleaded guilty to massive fraud, was sentenced to time served after testifying against Sam Bankman-Fried.

Wang was spared incarceration for his massive help in testifying against FTX's founder and former CEO, following the conviction and sentencing of Bankman-Fried and Caroline Ellison.

FTX co-founder Gary Wang has been spared from prison over his role in the multibillion dollar fraud at the cryptocurrency exchange after prosecutors praised his early cooperation in the case.

Gary Wang, co-founder of FTX, walked out of a Manhattan courtroom on Wednesday with a sentence of time served, dodging prison time for his part in the collapse of the crypto giant. U.S. District Judge Lewis A.

I’ve never seen anything quite like what happened here,” U.S. District Court Judge Lewis Kaplan told the defendant, who he said had “limited culpability" in the massive fraud that led to the collapse of the fund and some $11 billion in investor and lender losses.

Gary Wang, former FTX chief technical officer, was spared prison time by U.S. District Judge Lewis Kaplan today. Judge Kaplan praised Wang’s cooperation with federal authorities. Wang testified against former FTX founder and CEO Sam Bankman-Fried at his trial last fall.