Gary Wang cofounded FTX and currently serves as its chief technology officer. Wang, a graduate of MIT, worked at Google designing algorithms to aggregate pricing over millions of flights before launching FTX in 2019 with fellow billionaire Sam Bankman-Fried.
FTX is one of the most prominent exchanges for buying and selling crypto derivatives, as it was created “by traders, for traders.” Wang controls around 16% of the exchange, which raised $400 million at a valuation of $32 billion in January 2022, and approximately 18% of its U.S. operations, which investors valued at $8 billion.
On November 8th, 2022, FTX and its intermixed parent company Alameda Research started taking steps for their Insolvency and eventual Bankrupt. Gary and Sam’s wealth has diminished in a week after.