Testimony helps extradite Bankman-Fried

Judge Lewis A. Kaplan recognized Wang as the first person to cooperate after FTX’s collapse in November 2022.

Assistant U.S. Attorney Nicolas Roos said Wang’s information helped expedite Bankman-Fried’s extradition from the Bahamas in December 2022.

Bankman-Fried is now serving 25 years in prison for a fraud that embezzled more than $11 billion of money belonging to customers, investors and lenders.

Wang expresses remorse for his actions

During the sentencing, Wang expressed remorse for his actions and apologized to customers and investors.

“I am deeply sorry for all the people harmed by my actions,” he said. “There were so many things I could have done differently.”

He admitted that he chose a cowardly path instead of doing what was right, and admitted that nothing he does can ever fully make up for his mistakes.

Collaboration hailed as heroic

Roos praised Wang’s post-fraud work, calling him “the first FTX collaborator to come through the door.”

He said Wang played a minor role in the fraud and was not responsible for writing the complex computer code that made it possible.

In his first meeting with prosecutors, Wang basically deciphered half the case for us, Roos said.

He also emphasized that Wang has continued to help several agencies and those trying to recover money for FTX investors.

Wang’s software helps uncover financial fraud

Roos revealed that Wang has developed software that helps prosecutors detect unrelated financial fraud. This further underlines his continued cooperation with authorities since the FTX scandal.

In handing down the sentence, Judge Kaplan said Wang had “limited culpability” in the fraud, a factor likely factored into his decision to spare him jail time.