FTX Lianchuang develops software to help the US government detect market fraud, and prosecutors push for leniency

U.S. federal prosecutors said that FTX co-founder Gary Wang provided "excellent" assistance to federal prosecutors in the SBF case, and he has created "tools" to help the U.S. government detect other frauds and promote leniency for Wang. Federal prosecutors wrote in a sentencing report filed on Wednesday: "Wang also provided substantial assistance and took steps to correct past mistakes in the process, using his extraordinary computer programming skills to detect potential fraud in the stock and cryptocurrency markets." Details of Wang's code were heavily redacted in government documents. The U.S. government said that unlike his accomplices, Wang did not deceive customers, lenders or investors, nor did he embezzle customer funds. Although prosecutors did not recommend a specific sentence, the submission asked the court to take into account Wang's outstanding cooperation. (Bloomberg) Earlier, lawyers for FTX co-founder Gary Wang argued that Wang should not be sentenced to prison, that he cooperated with authorities and did not know the extent of the exchange's crimes. According to a sentencing memorandum filed on Wednesday, Wang claimed he was unaware of the misappropriation of FTX customer funds by sister company Alameda Research and learned of the fraud only after it was “well underway.” Wang is scheduled to be sentenced in a New York court on Nov. 20.