Former FTX executives Nishad Singh and Gary Wang, who both testified at Sam Bankman-Fried’s criminal trial, are set to be sentenced later this year.
A federal judge overseeing the trial of former FTX CEO Sam “SBF” Bankman-Fried has scheduled sentencing hearings for FTX co-founder Gary Wang and former engineering director Nishad Singh.
In a July 9 docket entry in the US District Court for the Southern District of New York, Judge Lewis Kaplan announced that Singh’s sentencing will be on October 30 and Wang’s on November 20. There was no mention of Caroline Ellison, the former CEO of Alameda Research who also testified at SBF’s 2023 trial.
Wang and Ellison were among the first to plead guilty to charges related to their roles in the collapse of the now-defunct cryptocurrency exchange FTX in 2022. Singh pleaded guilty to multiple felony counts, including fraud and money laundering, in February 2023. Their testimonies against Bankman-Fried likely influenced Judge Kaplan’s decision to sentence the former CEO to 25 years in prison.
Ex-FTX Executive to Serve Prison Time
Ryan Salame, the former co–CEO of FTX Digital Markets, also pleaded guilty to related charges but did not cooperate significantly with authorities, resulting in a 90-month sentence handed down by Judge Kaplan. Salame is scheduled to surrender to authorities on August 29. Since his sentencing, he has resumed posting controversial statements on his X account.
The upcoming sentencing of former FTX executives Nishad Singh and Gary Wang marks a significant chapter in the aftermath of the FTX collapse. Their cooperation and testimonies against former CEO Sam Bankman-Fried played a crucial role in his 25-year prison sentence. The legal proceedings highlight the ongoing efforts to hold key figures accountable in one of the most significant cryptocurrency scandals to date.
As the industry continues to grapple with the fallout, the scheduled sentencings underscore the importance of regulatory oversight and the need for greater transparency in the cryptocurrency market. The outcomes of these cases may serve as a deterrent to future misconduct and reinforce the need for ethical practices in the rapidly evolving world of digital assets.
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