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.