SBF prosecutor claims FTX’s CTO’s cooperation sped up trial

Gary Wang’s assistance: Following collapse of cryptocurrency exchange FTX, US prosecutors swiftly moved to charge its founder, Sam Bankman-Fried, with assistance from exchange's former chief software engineer, revealed Assistant US Attorney Thane Rehn during a discussion hosted by law firm Wilson Sonsini.

Rehn acknowledged role played by former FTX Chief Technology Officer Gary Wang in aiding investigators to comprehend how Bankman-Fried allegedly misappropriated $8 billion in customer funds. He highlighted that Wang's cooperation expedited investigation, which might have orwise taken weeks or even months for a software expert to unravel.

Bankman-Fried, aged 32, was convicted in November on seven counts of fraud and conspiracy by jurors in Manhattan. His sentencing to 25 years in prison came five days prior to Rehn's remarks. Bankman-Fried, who testified that he me errors in risk management but denied any intent to steal funds, is expected to appeal his conviction.

Rehn highlighted importance of government's three key cooperating witnesses: Wang, former FTX engineering chief Nish Singh, and Caroline Ellison, former CEO of Bankman-Fried's Alameda Research hedge fund. All three pleed guilty to fraud and provided testimony against Bankman-Fried during his trial.

During his testimony, Wang alleged that Bankman-Fried instructed him to modify FTX's software code to enable unlimited fund withdrawals by Alameda Research. Wang promptly shared relevant code from his laptop with prosecutors following FTX's collapse, facilitating a swift investigation.

government's handling of case was described as moving at a rapid pace by US Attorney Damian Williams. Prosecutors are expected to recommend leniency for Wang, Singh, and Ellison in ir sentencing, considering ir cooperation.

Wang, expressing a desire to avoid imprisonment, has refrained from commenting through his lawyer, Ilan Graff. Bankman-Fried's spokesperson, Mark Botnick, declined to provide a statement.

(With Reuters inputs)