Gary Wang is also asking a federal judge for mercy and trying to avoid a prison term after FTX’s former engineering chief Nishad Singh was sent to prison without getting jailed. Writing in a memo to the Manhattan federal court, Wang’s attorney Ilan Graff noted that sentencing Wang to prison would only result in an unearned disparity, mainly given that Singh received non-custodial terms.
During his argument, Graff pointed out that Wang was not a major player in the FTX affair, much less than other executives who gave evidence against the ex-chief of FTX Sam Bankman-Fried, such as Ellison and Singh. “Gary had no knowledge of the details of the scheme at first, nor was he involved in any deceptive manners like Bankman-Fried, Ellison and Singh,” Graff said.
Polymarket Trader Realizes $79M Gain on Pro-Trump Bets as French Regulators Consider Banning App
In another case, a French trader on the decentralised betting platform Polymarket has made nearly $79 million on a bet on Trump’s re-election, upsetting the French authorities. Blockchain analytics firm Chainalysis identified the trader with the pseudonyms “Theo4” and “Fredi9999” as running multiple accounts on Polymarket and booking illicit gains of as much as $78,700,000.
Recently, Polymarket received attention due to a New York Times article claiming that there are political preferences on Polymarket. To his credit, CEO Shayne Coplan called Polymarket simply a source of information, not a manipulator. Chainalysis did this by correlating the trader’s assets based on transactions and funding information and linking them to a single entity. At the same time, the French National Gaming Authority is studying the legal status of polymarkets in the country, with further prohibition of the works.
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