The FTX collapse continues to raise discussions about the legal and ethical ramifications for those involved, while the crypto industry seeks to restore its reputation.

In court, Wang expressed profound remorse for his actions, acknowledging he took the 'easy path' and vowing to spend his life making amends.

Gary Wang, a co-founder of FTX, was sentenced to time served on November 20, 2024, after pleading guilty to fraud and cooperating with prosecutors against CEO Sam Bankman-Fried.

Wang is the last of Bankman-Fried's inner circle to be sentenced, following Caroline Ellison's two-year sentence and Nishad Singh's leniency last month.

As one of five former executives implicated in the collapse of the FTX cryptocurrency exchange, Wang's actions contributed to the misuse of user funds.

Judge Lewis Kaplan noted the significance of Wang's cooperation, calling it commendable amidst one of the largest financial frauds in U.S. history.

Wang received a sentence of time served, three years of supervised release, and was ordered to forfeit $11 billion.

The sentencing of Wang concludes a series of rulings against FTX executives, as the legal fallout from the scandal continues to unfold.

During his testimony, Wang revealed that Bankman-Fried directed him to modify FTX's software, granting Alameda Research unauthorized access to withdraw billions.

Wang has actively developed software tools to assist prosecutors in detecting fraud, demonstrating his commitment to aiding the investigation.

Bankman-Fried is currently serving a 25-year prison sentence for misappropriating over $11 billion, following his conviction earlier this year.

FTX users are expected to start receiving reimbursements for locked funds after a bankruptcy court approved a reorganization plan in October 2024.