• FTX co-founder Gary Wang has pleaded guilty to fraud and is reportedly cooperating with prosecutors.
• Wang was a critical player during the rise and fall of FTX, but was described as a “reclusive figure” who kept a low profile.
• Sam Bankman-Fried, former CEO of FTX, has pleaded not guilty to 13 charges, including political donations made in violation of campaign finance rules.

FTX Co-Founder Pleads Guilty to Fraud

The little-known FTX co-founder Gary Wang has recently pleaded guilty to fraud and is currently cooperating with prosecutors. Wang served as the company’s chief technology officer and was the second largest shareholder after Sam Bankman-Fried. He is often seen as mysterious due to his very presence online and in the media.

Mysterious Figure

Wang was described as a “reclusive figure” who kept a low profile, and who reportedly didn’t even show his face on a profile picture in the company’s internal system. From a young age, he was very quiet and solely focused on his strongest interest in math and coding according to Insider’s report.

SEC Charges Against Wang

The Securities and Exchange Commission (SEC) has charged Wang with “a multiyear scheme to defraud equity investors in FTX.” His attorney stated that “Gary has accepted responsibility for his actions and takes seriously his obligations as a cooperating witness.”

Bankman-Fried Pleads Not Guilty

Bankman-Fried in March pleaded not guilty to five additional charges brought against him by prosecutors, after first pleading not guilty to fraud and other charges in January. The former FTX CEO’s indictment now consists of 13 counts, which include details about political donations that prosecutors argue were made in violation of campaign finance rules.

Mistakes Made During Bankman-Fried’s Time at FTX

Bankman-Fried has admitted that some mistakes were made during his time running FTX while also maintaining that he did not think he was criminally liable. Other key people involved have yet to be identified or held accountable for their roles at the failed crypto exchange empire.