The story of Gary Wang, an American entrepreneur who was born in China and renowned for the FTX cryptocurrency exchange, is characterized by a quick rise and fall. Gary Wang’s net worth grew rapidly to up to $5 billion thanks to his unmatched exploits in cryptocurrency trading, his involvement in FTX, and his passion for coding. However, the once-successful multibillionaire engaged in an act that led to his unfortunate downfall.
In the article, we will explore the life, workings, and economic rise of this intelligent coding expert and crypto trader. Also, we will reveal the current state of Gary Wang’s net worth in the global market and learn about what led to his net worth’s nosedive.
Who is Gary Wang?
Gary Wang, born in 1992 in China, moved to America when he was eight and has, since then, been a permanent resident and citizen of the United States. Wang started his basic education at Cherry Hill East High School in New Jersey. He developed a love for computer knowledge and coding, and this influenced his decision to join the Massachusetts Institute of Technology (MIT) for tertiary education.
Graduating from MIT in 2015, Wang was a hotcake for tech companies. Not long after his graduation, he bagged his first professional job at Google as a system engineer, building systems to aggregate prices for airline tickets. Before this, Wang had a close childhood friend who also attended MIT: Sam Bankman-Fried. This relationship will later become the catalyst for both the rise and fall of Gary Wang’s net worth.
How Did Gary Wang Make His Money?
Gary Wang’s road to economic fame started when he quit his job at Google to collaborate with his long-term friend, Sam Bankman-Fried, in achieving their crypto dreams. They established the Alameda Research Institute in 2017 (a cryptocurrency trading firm) and developed the Futures Exchange (FTX) cryptocurrency exchange platform in 2019.
Gary Wang’s experience at Google and Sam’s tech savviness influenced the FTX design. The FTX was appealing to crypto investors and had interesting features that made it popular and pooled cool cash for Gary in the process. Notably, Binance CEO Changpeng Zhao found FTX attractive and purchased a 20% stake worth about $100 million.
Gary Wang became the technical officer at the Alameda Research Institute after he co-established the FTX cryptocurrency exchange platform which was an immense success at its inception. Also, as part of the signed deal of establishment, Gary Wang was entitled to a 17% stake in FTX and a large share of its FTT tokens.
At the peak of Gary Wang’s exploits, he and his colleague, Sam Bankman-Fried, accumulated enormous amounts of dollar bills and they became billionaires in a flash. Reports claim that before his eventual bankruptcy and legal breach which saw the downfall of FTX and Alameda Research Institute, Gary Wang’s net worth was approximately $5 billion.
What is Gary Wang’s Net Worth Today?
Gary Wang’s net worth today is $0 leaving one to wonder what went wrong. Futures Exchange (FTX) enjoyed prominence and fame up until mid-2020 when the general crypto crisis led numerous crypto firms to bankruptcy, and Gary’s wasn’t spared.
Investors in FTX withdrew their assets in the crypto exchange platform at an alarming rate. This left the cryptocurrency company in a dire situation. Therefore, Gary and his team announced bankruptcy later that year. But more tragedy hovers around Gary Wang and his crypto business.
In November 2022, more doom befell Gary Wang as he found himself entangled with several variants of legal breaches. The U.S. Securities and Exchange Commission accused Gary Wang of a scheme to defraud users of the FTX crypto stock. Gary Wang testified to modifying the FTX code from 2019-2022, knowing that Alameda Research Institute will profit from that move.
Gary Wang, sensing defeat, pleaded guilty to all charges posed against him, including wire fraud and three counts of conspiracy involving wire, securities, and commodities fraud. Currently, he is awaiting sentencing but has a bail bond of about $250,000. But this doesn’t stop the liquidation of his monetary assets as his net worth went from a staggering $5 billion to $0 in a snap of a finger.
Conclusion
Gary Wang’s story is a testament to the fact that entrepreneurship is not a linear path, but a roller coaster ride of ups and downs. Also, an entrepreneur must be truthful if the plan is to keep soaring higher. Or else one can end up with a grand zero and several court cases just like Gary Wang.
