• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Will Gary Wang's Contribution to Fraud Detection Tools Prove His Innocence?

user avatar

by Giorgi Kostiuk

a year ago


Recently, it was revealed that Gary Wang, CTO and co-founder of FTX, is working closely with the US government to develop fraud detection tools.

Gary Wang's Involvement in Software Development

Gary Wang has been helping authorities in developing two different software solutions. One is dedicated to tracking potential frauds and illicit activities in the public markets, while the other aims to recognize illegal activities on crypto trading platforms. Experts suggest that Wang's contribution to these developments might reflect his intention to seek a lighter sentence in the FTX crash incident.

Impact of Cooperation on the Sentence

Officials and experts assert that Wang's cooperation with authorities might influence the final court ruling, although there is no guarantee of leniency in such a high-profile bankruptcy case. Wang's attorney argues for a 'time-served' sentence, noting his profound remorse and dedication to building software with the US government.

Consequences of FTX Collapse and FTT Decline

Before FTX's collapse, its token FTT was trading above $21. However, following the news of discrepancies in the balance sheet, the price took a sharp decline, causing significant investor losses. At the time of writing, the token was trading at $1.70. Amid FTX's bankruptcy, Sam Bankman-Fried, still a significant figure in the crypto world, remains a topic of discussion, notably regarding his ownership of luxury property.

The court decision on Gary Wang's case is expected in November 2024, and despite his active cooperation with authorities, the outcome remains uncertain. Meanwhile, the aftermath of FTX's collapse continues to impact the market.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Strategic Shifts Echo Broader Crypto Trends

chest

Farcaster's shift to a wallet-first model aligns with broader industry trends towards decentralized social networks.

user avatarAisha Farooq

Investor Payouts Unclear Amid 180 Million Acquisition

chest

The Farcaster community has expressed concern about the lack of clarity regarding the repayment of the 180 million raised from investors.

user avatarTenzin Dorje

Aster Exchange Details SPACE Trading Launch and Campaign Requirements

chest

Aster Exchange will launch SPACE spot trading and perpetual futures contracts on January 23, 2025, along with a trading campaign offering rewards for participants.

user avatarBayarjavkhlan Ganbaatar

SEC and CFTC Chairmen to Hold Joint Event on Cryptocurrency Regulation

chest

SEC Chairman Paul Atkins and CFTC Chairman Mike Selig will hold a joint public event to discuss regulatory coordination in the cryptocurrency sector.

user avatarDiego Alvarez

Justin Sun's $8M Investment Boosts River Token to New High

chest

Justin Sun's $8 million investment in the DeFi project River led to a 24% increase in the RIVER token's value, reaching an all-time high of $49, though analysts warn of potential volatility due to leveraged trading.

user avatarMohamed Farouk

PI Token Experiences Brief Recovery Amid Market Volatility

chest

The PI token has seen a temporary increase in value, gaining 4.98% over the last 24 hours. It reached a high of 0.1892 before currently trading at 0.1871. Despite this brief bullish shift, the overall market sentiment remains bearish.

user avatarElias Mukuru

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.