FTX Co-Founder and Ex-Engineering Director to Be Sentenced This Fall

Last Updated on July 10, 2024

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Hammer on the table on the background of the FTX logo. The concept of the trial. Source: Александр Поташев - stock.adobe.com

Key Takeaways:

  • Former FTX executives Nishad Singh and Gary Wang are scheduled for sentencing in late 2024 after testifying against Sam Bankman-Fried.
  • Both executives pleaded guilty to charges linked to FTX’s collapse and cooperated with authorities, potentially affecting their sentences.
  • Testimonies included Wang’s revelation of hidden code used to misrepresent FTX’s insurance fund and Singh’s account of Bankman-Fried’s fund misuse.

Former FTX executives Nishad Singh and Gary Wang, who testified against Sam Bankman-Fried, are set to be sentenced later this year.

Singh’s sentencing is scheduled for October 30, and Wang’s for November 20.

Both pleaded guilty to charges related to the collapse of FTX and cooperated with authorities, potentially influencing their sentences.

Wang revealed the use of hidden code to misrepresent FTX’s insurance fund, and Singh testified about Bankman-Fried’s misuse of funds.

Bankman-Fried was sentenced to 25 years in prison, while another former executive, Ryan Salame, received a 90-month sentence.

The legal proceedings surrounding FTX’s collapse continue in bankruptcy court.

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