In a twist of irony, Gary Wang, the former tech architect behind FTX’s controversial code, is now building tools to help expose fraud in financial markets—a development that could aid U.S. authorities in untangling complex webs of deceit in both stock trading and cryptocurrency.
Federal filings reveal that Wang, once FTX’s chief technology officer and a close associate of former CEO Sam Bankman-Fried, is set to leverage his coding expertise for crime detection as his sentencing date approaches. Prosecutors highlighted Wang’s latest software tool, designed to track fraudulent activities, emphasizing its potential to become a valuable asset for the government. This development marks a significant shift from Wang’s previous role in designing code that allegedly allowed FTX’s affiliated hedge fund, Alameda Research, to siphon billions from the crypto exchange.
Prosecutors are urging leniency for Wang, who, unlike other FTX figures, has shown a commitment to using his skills in service of justice. “Wang’s willingness to cooperate distinguishes his contribution,” noted the U.S. Attorney’s office, citing his proactive efforts to assist in broader financial fraud detection.
Wang’s testimony in Bankman-Fried’s high-profile trial last year was instrumental in exposing the mechanics of the FTX-Alameda scheme. He testified that Bankman-Fried instructed him to alter FTX’s code, granting Alameda covert privileges that led to the misappropriation of billions.
Wang’s new anti-fraud tool, whose details remain classified, is designed to identify suspicious patterns on cryptocurrency exchanges. This initiative, paired with his courtroom cooperation, has prompted Wang’s attorney to appeal for a more lenient sentence, emphasizing his efforts to contribute to crime prevention.
