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According to previous reports, FTX co-founder Gary Wang has been spared jail by a judge, meaning only three of the five executives involved in the case will go to prison for alleged fraud. Wang pleaded guilty to four charges, including telecommunications fraud, conspiracy to commit telecommunications fraud, conspiracy to commit commodity fraud and conspiracy to commit securities fraud. He was sentenced on Wednesday to time served and three years of supervised release. The mastermind behind this case, FTX founder and major shareholder of Alameda Research SBF was sentenced to 25 years in prison - the longest sentence. The second-longest sentence went to Ryan Salame, CEO of FTX Digital Markets who received seven-and-a-half years for using client funds for political donations. Caroline Ellison, Co-CEO of Alameda Research was given two years probation due her cooperation with prosecutors and law enforcement agencies as well as her role in fraudulent conspiracies.  Wang along with former FTX engineering director Nishad Singh avoided jail partly because they cooperated with prosecutors but also because they played only peripheral roles in this large-scale fraud case. In total former executives from FTX and Alameda were sentenced collectively 34.5 years imprisonment.(Protos)

Market News: As Bitcoin continues its record-breaking rally, the total assets of US exchange-traded funds directly investing in Bitcoin exceed 100 billion dollars.