Barbados Times

Barbados, Caribbean & World News
Tuesday, Mar 21, 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

Barbados Times
Close
0:00
0:00
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Home Secretary Suella Braverman tours potential migrant housing in Rwanda as asylum deal remains mired in legal challenges
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
Jeremy Hunt insists his Budget will get young parents and over-50s back into work
If this was in Tehran, Moscow or Hong Kong
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
Mexican President Claims Mexico is Safer than the U.S.
A brief banking situation report
Lady bites police officer and gets instantly reaction
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Silicon Valley Bank exec was Lehman Brothers CFO
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
BBC Director General, Tim Davie, has apologized, but not resigned, yet, following the disruption of sports programmes over the weekend
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Senator Tom Cotton: If the Mexican Government Won’t Stop Cartels from Killing Americans, Then U.S. Government Should
Banking regulators close SVB, the largest bank failure since the financial crisis
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Spain officials quit over trains that were too wide for tunnels...
Don Lemon, a CNN anchor, has provided a list of five areas that he believes the black community needs to address.
Hello. Here is our news digest from London.
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
Givenchy Store in New York Robbed of $50,000 in Merchandise
European MP Clare Daly condemns US attack on Nord Stream
Former U.S. President Carter will spend his remaining time at home and receive hospice care instead of medication
Tucker Carlson called Trump a 'demonic force'
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
U.S. Jet Shoots Down Flying Object Over Canada
Being a Tiktoker might be expensive…
SpaceX, the private space exploration company, made a significant breakthrough in their mission to reach space.
China's top tech firms, including Alibaba, Tencent, Baidu, NetEase, and JD.com, are developing their own versions of Open AI's AI-powered chatbot, ChatGPT
This shocking picture, showing how terrible is the results of the earthquake in Turkey
President Joe Biden delivered the 2023 State of the Union Address , in order to help Americans that missed the 2022 speech, do not have internet, and suffer from short memory.
The desk of King Carlos Alberto of Sardinia has many secret compartments
Today's news from Britain - 9th February 2023
The five largest oil companies in the West generated combined profits of nearly $200 billion in 2022, which has led to increased calls for governments to impose tougher windfall taxes
2 earthquakes in Turkey killed over 2,300 people
Powerful Earthquake Strikes Turkey and Syria, Killing More Than 1,300 People.
×