PanaTimes

Saturday, Feb 04, 2023

Gary Wang, the mysterious FTX cofounder, has pleaded guilty to fraud charges

Gary Wang, the mysterious FTX cofounder, has pleaded guilty to fraud charges

Here's what we know about the key player in the failed crypto empire.
Gary Wang, the cofounder of FTX, has been a mysterious but critical player in the rise and spectacular fall of the crypto empire.

Throughout his time at FTX, Wang maintained a limited online presence and steered clear of media interviews, leaving the limelight to his cofounder, Sam Bankman-Fried.

Wang served as the chief technology officer at FTX until the exchange collapsed in mid-November. He was the company's second-largest shareholder.

Here's what else we know about the mysterious cofounder:

A prolific coder with degrees from MIT
Wang reportedly met Bankman-Fried at math camp when the pair were at high school. The future cofounders were also college roommates at MIT and lived together in a Bahamas house that was home to several other FTX employees.

After graduating from MIT with degrees in mathematics and computer science, Wang worked at Google. He was an engineer at the company, building systems to aggregate prices across millions of flights, per Forbes.

When Bankman-Fried cofounded Alameda Research in 2017, Wang reportedly left his role at Google.

Wang later became the chief technology officer at FTX, establishing himself as a key member of the crypto empire's inner circle. The tight group of executives reportedly included Wang, Bankman-Fried, Caroline Ellison, who was formerly Alameda's CEO, and Nishad Singh, FTX's former director of engineering.

The Wall Street Journal reported, citing people familiar with the matter, that Alameda Research's chief executive and senior FTX officials knew that FTX had lent its customers' money to Alameda to help it meet its liabilities.

A reclusive figure
Singh, who was mentored by Wang, once described him as brilliant "beyond belief" in a 2020 podcast cited by the Sydney Morning Herald.

But at FTX, Wang was a somewhat reclusive figure, per reports. The executive's profile picture didn't show his face when it appeared on company systems, The Block reported.

Sources told the publication that he was one of a few employees who worked from home, and liked to get stuck into coding. "Gary always struck me as someone who was like, 'just tell me what to do and leave me alone,'" a source familiar with both Alameda's and FTX's operations told The Block.

Fraud charges and guilty plea
Unlike his cofounder, Wang has largely disappeared from view since he was fired from FTX after the company's implosion.

Beyond Bankman-Fried telling a Vox reporter in November that "Gary is scared," not much has been reported about the elusive cofounder.

On Wednesday, the US attorney for the Southern District of New York announced that both Wang and Ellison had pleaded guilty to fraud. 

Wang had been charged with "a multiyear scheme to defraud equity investors in FTX" by the Securities and Exchange Commission.

The pair are said to be cooperating with the prosecutors, according to a statement from US attorney, Damian Williams.

Ilan Graff, Wang's attorney, told Insider: "Gary has accepted responsibility for his actions and takes seriously his obligations as a cooperating witness."
Newsletter

Related Articles

PanaTimes
Close
0:00
0:00
Tennessee Bill Would Imprison People for 3 Years If They 'Lie' About Rape to Get an Abortion.
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
House Speaker Kevin McCarthy said he will block Reps. Adam Schiff and Eric Swalwell from serving on the House Intelligence Committee
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
Tax fraud verdict again exposes illusion of Trump the master businessman
×