By Luc Cohen
NEW YORK (Reuters) – The previous FTX govt who wrote laptop code that allowed his imprisoned former boss Sam Bankman-Fried to steal billions of {dollars} from cryptocurrency purchasers has created software program to assist the American authorities to find inventory market fraud.
Federal prosecutors made the disclosure in a courtroom submitting Wednesday looking 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. Louis (JO:) Kaplan in Manhattan.
Wang can be constructing a device to assist detect crimes on cryptocurrency exchanges, in response to the submitting.
“This device has adequate potential worth to the federal government,” the Manhattan U.S. Legal professional’s Workplace stated. “Wang’s willingness to make use of his expertise proactively, to assist detect different prison actions in monetary markets, distinguishes his cooperation.”
Bankman-Fried, 32, is serving a 25-year jail sentence imposed by Kaplan after a jury convicted him final 12 months of stealing $8 billion from purchasers to help his Alameda Analysis hedge fund . He’s interesting his conviction and sentence.
Wang, in his early 30s, would be the newest member of Bankman-Fried's former interior circle to be sentenced by Kaplan following the collapse of FTX in November 2022.
Bankman-Fried's former girlfriend and Alameda Metropolis Supervisor Caroline Ellison was sentenced to 2 years in jail in September. Nishad Singh, one other FTX laptop programmer who pleaded responsible, escaped jail final month.
At Bankman-Fried's trial, Wang stated his former boss requested him to regulate FTX's software program code to grant Alameda particular privileges, permitting the fund to secretly withdraw billions of {dollars} from the alternate.
Final week, Wang's lawyer, Ilan Graff, implored Kaplan to spare his shopper a jail sentence due to his help to prosecutors.
Many particulars about Wang's software program instruments had been redacted from the courtroom document as a result of disclosing them would undermine their effectiveness, prosecutors wrote.
