London Daily

Focus on the big picture.

Gary Wang, the mysterious FTX cofounder, has pleaded guilty to fraud charges

Gary Wang, the mysterious FTX cofounder, has pleaded guilty to fraud charges

Here's what we know about the key player in the failed crypto empire.
Gary Wang, the cofounder of FTX, has been a mysterious but critical player in the rise and spectacular fall of the crypto empire.

Throughout his time at FTX, Wang maintained a limited online presence and steered clear of media interviews, leaving the limelight to his cofounder, Sam Bankman-Fried.

Wang served as the chief technology officer at FTX until the exchange collapsed in mid-November. He was the company's second-largest shareholder.

Here's what else we know about the mysterious cofounder:

A prolific coder with degrees from MIT
Wang reportedly met Bankman-Fried at math camp when the pair were at high school. The future cofounders were also college roommates at MIT and lived together in a Bahamas house that was home to several other FTX employees.

After graduating from MIT with degrees in mathematics and computer science, Wang worked at Google. He was an engineer at the company, building systems to aggregate prices across millions of flights, per Forbes.

When Bankman-Fried cofounded Alameda Research in 2017, Wang reportedly left his role at Google.

Wang later became the chief technology officer at FTX, establishing himself as a key member of the crypto empire's inner circle. The tight group of executives reportedly included Wang, Bankman-Fried, Caroline Ellison, who was formerly Alameda's CEO, and Nishad Singh, FTX's former director of engineering.

The Wall Street Journal reported, citing people familiar with the matter, that 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.

A reclusive figure
Singh, who was mentored by Wang, once described him as brilliant "beyond belief" in a 2020 podcast cited by the Sydney Morning Herald.

But at FTX, Wang was a somewhat reclusive figure, per reports. The executive's profile picture didn't show his face when it appeared on company systems, The Block reported.

Sources told the publication that he was one of a few employees who worked from home, and liked to get stuck into coding. "Gary always struck me as someone who was like, 'just tell me what to do and leave me alone,'" a source familiar with both Alameda's and FTX's operations told The Block.

Fraud charges and guilty plea
Unlike his cofounder, Wang has largely disappeared from view since he was fired from FTX after the company's implosion.

Beyond Bankman-Fried telling a Vox reporter in November that "Gary is scared," not much has been reported about the elusive cofounder.

On Wednesday, the US attorney for the Southern District of New York announced that both Wang and Ellison had pleaded guilty to fraud. 

Wang had been charged with "a multiyear scheme to defraud equity investors in FTX" by the Securities and Exchange Commission.

The pair are said to be cooperating with the prosecutors, according to a statement from US attorney, Damian Williams.

Ilan Graff, Wang's attorney, told Insider: "Gary has accepted responsibility for his actions and takes seriously his obligations as a cooperating witness."
Newsletter

Related Articles

London Daily
0:00
0:00
Close
UK's Infected Blood Scandal: Conclusion Nears After Seven Years
ICC Seeks Arrest Warrants for Israeli and Hamas Leaders
Julian Assange Granted Right to Challenge US Extradition
Congo Army Thwarts Attempted Coup Involving Americans and a British Citizen
Ireland's Homeless Gain Voting Rights
Blinken orders crackdown on Israel-Hamas leaks
Julian Assange Faces US Extradition: Key Facts
Jacob Zuma Takes Campaign to ANC Stronghold Soweto
Attempted Assassination of Slovakia PM Robert Fico: Investigation Ongoing
What Happens If an Iranian President Dies in Office?
Spain Recalls Ambassador After Argentina President's Remarks
Rishi Sunak Faces Cabinet Backlash Over Proposed Changes to Foreign Student Visas
Rwanda Denies Entry to Human Rights Researcher
Iranian President Ebrahim Raisi Reportedly Killed in Helicopter Crash
Blue Origin Resumes Space Tourism with 90-Year-Old Ed Dwight
Rishi Sunak and Wife Akshata Murty Wealthier Than King Charles
New Dutch Government Drives Wedge Through EU Liberals
Iranian President Raisi Missing After Helicopter Goes Down
Freemasons and ‘Global War Party’ Accused of Conspiring Against Georgia
Poland Supports Rolls-Royce's Nuclear Power Plant Initiative
European Ports Overflow with Unsold Electric Vehicles
Esprit Files for Bankruptcy in Europe, Putting Hundreds of Jobs at Risk
Chevron Halts North Sea Drilling Amid Rising Tax Burden
Jeremy Hunt Accused of Exaggerating Conservatives' Economic Record
Victoria Atkins Discusses Historical Gender Bias in the NHS
Dublin and Monaghan Bombings 50th Anniversary: Calls for Justice
Rishi Sunak and Akshata Murty’s Wealth Rises to £651 Million
New Caledonia Riots Escalate After French Voting Rights Change
Renters Face Fierce Competition as Listing Times Shrink
Surge in Fake Science: 19 journals shut down due to fraudulent papers from 'paper mills'
Global Birthrates Decline, Raising Economic and Social Concerns
Boeing Faces Possible Prosecution Over 737 MAX Settlement Violation
Prisoner Escapes in France as Two Officers Killed in Van Ambush
German Court Rules AfD Can Be Monitored for Extremism
Jacob Rees-Mogg Criticizes Bank of England’s Inflation Strategy
Prince Harry and Meghan Markle Promote Invictus Games in Nigeria
UK Arms Ban on Israel Would Aid Hamas, Says Cameron
US Regulators Probe Credit Card Reward Schemes
Labour Vows to End Rwanda Deportation Scheme/Scam
Exonerated Andrew Malkinson Faces Hardship Awaiting Compensation
India Poised to Surpass Japan as 4th Largest Economy
UN General Assembly Approves Palestinian Membership Bid
Biden to Impose Tariffs on Chinese Electric Vehicles
Cyberattack Disrupts Major US Healthcare Network
McDonald's Introduces $5 Meal Deal to Attract Customers
Protesters Attempt to Storm Tesla's German Factory
The United Kingdom reports it has emerged from recession
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
×