Former FTX executives Gary Wang and Nishad Singh, who played pivotal roles in the trial against Sam Bankman-Fried, will soon face their sentencing.
Wang’s hearing is set for November 20, and Singh’s for October 30, both overseen by Judge Lewis Kaplan in the Southern District of New York.
Gary Wang and Nishad Singh were among the first to admit guilt following FTX’s dramatic collapse in 2022.
Both provided crucial testimony against Bankman-Fried, contributing to his 25-year prison sentence.
Singh, former engineering director, and Wang, FTX co-founder, both described practices at the exchange that led to significant financial misrepresentations and fraud.
Singh and Wang’s testimonies were key in revealing the fraudulent activities within FTX. Singh detailed how Bankman-Fried misused Alameda’s funds, eroding his trust in the CEO.
Wang disclosed that FTX had hidden code to misrepresent its insurance fund’s value, which misled users about the safety of their assets.
Their cooperation included a “5K letter” for Wang, suggesting potential sentence reductions for their assistance.
While Singh and Wang await their sentences, their cooperation with authorities leaves their prison time uncertain.
Ryan Salame, another former FTX executive, received a 90-month sentence for related charges but did not cooperate with authorities, highlighting how cooperation can influence sentencing outcomes.
As the legal proceedings continue, Bankman-Fried remains in custody, with his legal team preparing to appeal his conviction.
Meanwhile, affected parties are still fighting over FTX’s remaining assets through bankruptcy court and class-action lawsuits.
