Gary Wang, former co-founder and technology chief of FTX, has been sentenced to time served and three years of supervised release.

This follows his involvement with the now-defunct crypto exchange, as ruled by the court on Wednesday.

Wang is the last former FTX employee to be sentenced. He has been ordered to forfeit US$11 billion, similar to his co-defendants.

Previously, Wang pleaded guilty to four charges: conspiracy to commit wire fraud, wire fraud, and conspiracy to commit both commodities and securities fraud.

Although potentially facing a maximum sentence of 50 years, Wang sought leniency due to his swift cooperation with authorities.

Recent FTX developments