So, Gary Wang finally faces sentencing on November 20. I don’t know if you followed the FTX story, but Wang was the co-founder along with Sam Bankman-Fried, and he basically helped build the entire technical infrastructure of the disaster. Now he is the last of the five top executives to be convicted.

What strikes me is how Gary Wang’s lawyers are trying to convince the judge that he played a more limited role than the others. I mean, yes, he committed fraud, but were the others worse? I don’t know—it’s a strange argument. But it’s true that he cooperated with authorities, testified against Bankman-Fried, and everything else. And it seems his technical expertise could be useful for developing anti-fraud tools in the crypto industry.

Look at the context: Wang is 31 years old, met Bankman-Fried at a high school math competition, then they became roommates at MIT. After Google, he joined him to co-found Alameda Research and FTX. All articles describe him as the reserved type, with a simple life, and now he says he feels deep regret. Many letters from supporters are asking for clemency.

As for the others: Bankman-Fried received 25 years, Caroline Ellison got two years for cooperation, Ryan Salame seven and a half years. Nishad Singh served his time after cooperating. So for Gary Wang, there could be years in prison, but cooperation and his relatively smaller role may count.

And what about FTX users? Well, they’re finally starting to receive refunds after the bankruptcy court approved the reorganization plan in October 2024. In the meantime, Bankman-Fried has appealed his conviction, so the legal battles continue. With Gary Wang’s sentencing, we close an important chapter in this insane story, and attention shifts to refunds and regulatory implications for the entire sector.