Creator: Luc Cohen
NEW YORK (Reuters) – A former FTX government who wrote the pc code that allowed his jailed ex-boss Sam Bankman-Fried to steal billions of {dollars} from cryptocurrency clients has created software program to assist the U.S. authorities detect inventory market fraud.
Federal prosecutors made the announcement in a courtroom submitting Wednesday asking for leniency for Gary Wang, FTX's former chief know-how officer, at his scheduled Nov. 20 sentencing earlier than a U.S. district decide. Lewis (JO:) Chaplain in Manhattan.
Wang can be constructing a instrument to assist detect crime on cryptocurrency exchanges, the submitting mentioned.
“The instrument has ample potential worth to the federal government,” the US legal professional's workplace in Manhattan mentioned. “Wang's willingness to make use of his abilities proactively and assist uncover different felony exercise within the monetary markets units his partnership aside.”
Bankman-Fried, 32, is serving a 25-year jail sentence imposed by Kaplan after a jury discovered him responsible final yr of stealing $8 billion from clients to prop up his Alameda Analysis hedge fund. He’s interesting the decision and sentence.
Wang, who’s in his early 30s, would be the final member of the previous Bankman-Frieda inside circle to be ousted by Kaplan following the collapse of FTX in November 2022.
Bankman-Fried's former girlfriend and Alameda CEO Caroline Ellison was sentenced to 2 years behind bars in September. Nishad Singh, one other FTX pc programmer who pleaded responsible, was spared jail time final month.
On the Bankman-Fried trial, Wang testified that his former boss instructed him to switch FTX's software program code to grant Alameda particular privileges, permitting the fund to secretly withdraw billions of {dollars} from the inventory market.
Final week, Wang's legal professional, Ilan Graff, requested Kaplan to spare his shopper jail time for his help to prosecutors.
Many particulars about Wang's software program instruments had been redacted from the courtroom submitting as a result of their disclosure would undermine their effectiveness, prosecutors wrote.
