Crypto empire's co-founder Gary Wang has been working with prosecutors, says report

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Crypto empire's co-founder Gary Wang has been working with prosecutors, says report

FTX's co-founder, Gary Wang, has been a spooky but crucial player in the rise and dramatic fall of the crypto empire.

After pleading guilty to fraud in December, Wang has been cooperation with the prosecutors and is expected to testify in Sam Bankman-Fried's trial that begins Tuesday.

Despite serving as FTX's chief technology officer, Wang maintained a limited online presence and steered clear of media interviews, leaving the limelight to his cofounder Bankman-Fried. Bankman-Fried met Wang at a math camp in Oregon when the pair were teenagers.

At 15 years old, Wang lived in a suburb of Cherry Hill in New Jersey. His family had emigrated to the US from China when he was eight years old, Bloomberg said.

In January, Wang's father told Eastside Online, the student newspaper, that Wang was a trusting but naive person.

After high school, Wang and Bankman-Fried both attended MIT and committed to the same fraternity, MIT's Epsilon Theta. The two cofounders were reportedly roommates for three years at college and later lived together in a Bahamas house that was home to several other FTX employees.

After graduating from MIT with a B.Tech in mathematics and computer science, Wang worked for Google. He was engineer at the company, building systems to combine prices across millions of flights, per Forbes.

In 2017, when Bankman-Fried cofounded Alameda Research, Wang reportedly resigned from Google.

After founding FTX in 2019, Wang became the company's chief technology officer, becoming a key member of the crypto empire's inner circle.

In a report filed in the Delaware bankruptcy court, FTX and Alameda Research were tightly controlled by a small group of individuals who stifled dissent. The company's executive delegation included Wang, Bankman-Fried, Caroline Ellison, who was formerly Alameda's CEO and Nishad Singh, FTX's former director of engineering.

Singh, who mentored Wang, said he was 'beyond belief' in a 2020 podcast cited by the Sydney Morning Herald.

At FTX, Wang was a rather reclusive figure, according to the report. The CEO's picture didn't show his face when it appeared on company systems, a company spokeswoman said.

sources told the paper that he was one of a few employees who worked from home and liked to get stuck into coding. I just tell me what to do, and leave me alone, a source familiar with both Alameda's and FTX's operations told The Block.

The Wall Street Journal reported that the head of Alameda Research's chief executive and senior FTX officials knew that FTX had lent its customers' money to Alameda to help it meet its liabilities.

Besides his cofounder, Wang has largely disappeared from view since he was fired by FTX after the company's collapse.

Beyond Bankman-Fried told a Vox reporter in November that he had a heart attack.

Bankman-Fried said in an interview that he and Wang were on the same page with the right next steps for customers after FTX collapsed.

Bankman-Fried told the news outlet that he was not resigned and was speaking to the press as he spoke.

In December, the U.S. attorney for the Southern District of New York announced that both Wang and Ellison had pleaded guilty to fraud. The pair were said to be cooperation with the prosecutors, according to a statement from the US attorney, Damian Williams.

The securities and exchange commission said Wang had been charged with a multi-year scheme to defraud investors in FTX.

In December, Ilan Graff, Wang's lawyer, told The New York Times that he was fired from the company because he did not want to be involved in the case.