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🟠FTX Co-Founders Testify Against Colleague

🟠FTX Co-Founders Testify Against Colleague

Day: 09 | Time: 18:12:30.000Z FTX co-founders Gary Wang and former engineering director Nishad Singh will be sentenced later this year after testifying against their former colleague Sam Bankman-Fried. Singh will be sentenced on October 30th in a New York court, while Wang will face sentencing on November 20th. Both former FTX executives have pleaded guilty and cooperated with prosecutors. They could face decades in prison, but cooperators will likely receive a "substantial reduction in sentence" based on a potential government request. During Bankman-Fried's trial, Singh testified about the financial conditions of Alameda Research and how Bankman-Fried had the authority to withdraw funds even with a negative balance. Wang confirmed these claims. Bankman-Fried was sentenced to nearly 25 years in prison and up to $11 billion in restitution for investor losses.

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