Gary Wang (American businessman) explained

Gary Wang
Birth Date:[1]
Birth Place:China
Nationality:American
Alma Mater:Massachusetts Institute of Technology (SB)
Other Names:Zixiao Wang
Occupation:computer programmer, entrepreneur
Known For:FTX

Gary Wang is an American computer programmer who co-founded the crypto currency exchange FTX with Sam Bankman-Fried. At the height of his success in 2022, Wang was ranked the 227th richest American in the Forbes 400, and the 431st richest person in the world by The World's Billionaires.[2] After FTX collapsed into bankruptcy, caused by massive fraud perpetrated by Wang, Bankman-Fried and a few others, Wang plea bargained a guilty charge in exchange for testifying against his former college roommate and FTX cofounder, Bankman-Fried.[3] Before co-founding FTX, Wang worked at Google Flights, building systems for the aggregation of ticket prices.

Early life and education

Wang was born in China and moved to the U.S. when he was 8 years old with his parents. He graduated in 2011 from Cherry Hill High School East in New Jersey.[4] He attended Canada/USA Mathcamp, where he met his future classmate and cofounder Sam Bankman-Fried in 2010.[5] [6] After high school, he attended the Massachusetts Institute of Technology (MIT), where he studied mathematics and computer science.[7] At MIT, he was the roommate of Sam Bankman-Fried for three years, and he was a member of Epsilon Theta, a coed fraternity that also included Bankman-Fried.[8] After graduating from MIT, he worked at Google Flights, building systems for the aggregation of ticket prices.[9] When Bankman-Fried cofounded Alameda Research in 2017, Wang reportedly left his role at Google to join his former roommate in that business. In 2019, Bankman-Fried and Wang cofounded FTX.

FTX

At FTX, he was the chief technology officer. He was the second-largest shareholder of FTX at the time of the collapse of the company. Wang owned 17% of FTX and 10% of Alameda Research, a sister firm of FTX and co-founded by Bankman-Fried.[10] Wang was a somewhat reclusive figure, per reports. He was described as brilliant "beyond belief", and so integral that if he left FTX it would collapse. He was happiest when computer programming from home. According to an interview with his parents, Wang "wasn't interested in the communication or management parts of the company. He was only interested in his part of work, [which was] coding.”[11]

On December 18, 2022, Wang pleaded guilty in a plea bargain[12] in the Southern District of New York to wire fraud and three counts of conspiracy involving wire, securities and commodities fraud relating to helping Bankman-Fried defraud FTX customers, for which SBF was later sentenced to 25 years in prison. His lawyer, Ilan Graff, stated that "Gary has accepted responsibility for his actions and takes seriously his obligations as a cooperating witness."[13] [14]

As part of his plea bargain, Wang testified in United States v. Sam Bankman-Fried that "with some simple tweaks to computer code," he helped Alameda Research misappropriate as much as $65 billion from FTX customers and that he "lied about this to the public." He said he was directed to alter FTX's code between 2019 and 2022 despite knowing that it would give Alameda Research "special privileges."

Notes and References

  1. Web site: From Math Camp to Handcuffs: FTX’s Downfall Was an Arc of Brotherhood and Betrayal . subscription . dead . https://archive.today/20230216003851/https://www.bloomberg.com/news/features/2023-02-16/sam-bankman-fried-s-old-friend-co-founder-gary-wang-is-key-to-case-against-ftx?srnd=premium&leadSource=uverify%20wall . 2023-02-16 . Bloomberg . February 16, 2023 . Ava . Benny-Morrison . 2024-01-25 . they attended summer camp in 2008 .. Wang was 15 .
  2. Web site: Gary Wang . . December 30, 2022 . December 30, 2022 . https://web.archive.org/web/20221230170155/https://www.forbes.com/profile/gary-wang-1/?sh=40c50c15519d . live .
  3. Book: Mckenzie . Ben . Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud . Silverman . Jacob . . 2023 . 978-1-4197-6639-8 . New York, New York . 235 . English.
  4. Web site: We found Gary Wang. Here's what we know.. Boiskin. Asher. Zhang. Alena. Lampf. Brielle. January 12, 2023. Eastside Online. January 12, 2023. https://web.archive.org/web/20230112233808/https://eastside-online.org/news/we-found-gary-wang-heres-what-we-know/. live.
  5. Web site: Nolan . Beatrice . 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. . December 25, 2022 . Business Insider . en-US . December 24, 2022 . https://web.archive.org/web/20221224030325/https://www.businessinsider.com/gary-wang-ftx-mysterious-cofounder-crypto-2022-12 . live .
  6. News: Gura . David . October 21, 2023 . They were Sam Bankman-Fried's friends. Now they could send him to prison for life . . October 23, 2023 . October 23, 2023 . https://web.archive.org/web/20231023115724/https://www.npr.org/2023/10/21/1207143248/sam-bankman-fried-trial-ftx-crypto-fraud-alameda#:~:text=Each%20former%20executive%20%E2%80%94%20Caroline%20Ellison,they%20were%20also%20close%20friends. . live .
  7. Web site: Gary Wang . December 25, 2022 . garywang.scripts.mit.edu . December 5, 2022 . https://web.archive.org/web/20221205151943/https://garywang.scripts.mit.edu/ . live .
  8. Web site: Gardizy . Anissa . Here's what you need to know about Caroline Ellison and Gary Wang agreeing to plead guilty to FTX charges - The Boston Globe . December 25, 2022 . BostonGlobe.com . en-US . December 25, 2022 . https://web.archive.org/web/20221225033157/https://www.bostonglobe.com/2022/12/22/business/caroline-ellison-gary-wang-agreed-plead-guilty-ftx-charges-heres-what-know-about-crypto-meltdown-whats-next/ . live .
  9. Web site: Gary Wang . December 25, 2022 . Forbes . en.
  10. News: Goldstein . Matthew . Stevenson . Alexandra . Farrell . Maureen . Yaffe-Bellany . David . November 18, 2022 . How FTX's Sister Firm Brought the Crypto Exchange Down . en-US . The New York Times . October 24, 2023 . 0362-4331 . November 18, 2022 . https://web.archive.org/web/20221118181947/https://www.nytimes.com/2022/11/18/business/ftx-alameda-ties.html . live .
  11. Web site: Exclusive Interview With Crypto-Mogul Gary Wang's Parents . https://archive.today/20230115021957/https://eastside-online.org/news/we-found-gary-wang-heres-what-we-know-part-3/ . 2023-01-15 . live . Eastside Online . January 13, 2023 . Alena . Zhang . 2024-01-25 .
  12. Web site: Goswami . MacKenzie Sigalos,Rohan . December 22, 2022 . FTX's Gary Wang, Alameda's Caroline Ellison plead guilty to federal charges, cooperating with prosecutors . August 27, 2023 . CNBC . en . August 27, 2023 . https://web.archive.org/web/20230827095221/https://www.cnbc.com/2022/12/22/ftxs-gary-wang-alamedas-caroline-ellison-plead-guilty-to-federal-charges-cooperating-with-prosecutors.html . live .
  13. News: Two Executives in Sam Bankman-Fried's Crypto Empire Plead Guilty to Fraud . David. Yaffe-Bellany. Matthew . Goldstein . Benjamin . Weiser . December 21, 2022. The New York Times . https://web.archive.org/web/20221222193119/https://www.nytimes.com/2022/12/21/technology/ftx-fraud-guilty-pleas.html . December 22, 2022 . live.
  14. News: Newmyer . Tory . Jacobs . Shayna . December 21, 2022 . Two Bankman-Fried colleagues plead guilty to fraud . The Washington Post . December 22, 2022 . December 22, 2022 . https://web.archive.org/web/20221222164741/https://www.washingtonpost.com/business/2022/12/21/caroline-ellison-fraud-charges/ . live .

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