Two of the Top Leaders of the FTX Fraud Ring Plead Guilty to Federal Charges


Caroline Ellison and Gary Wang pled guilty to charges of fraud. On December 22, Sam Bankman-Fried may face a U.S. judge.

In the continuing FTX case, two of Sam Bankman-Fried’s executives have pled guilty to federal fraud charges. Meanwhile, the individual may appear before a U.S. court as early as today.

Caroline Ellison and Gary Wang pled guilty late on Wednesday, December 21, according to the U.S. attorney for the Southern District of New York. Ellison was the previous CEO of Alameda Research, while Wang was one of the founders of the FTX exchange.

According to the New York Times, the two have also decided to collaborate in the investigation against crypto’s public enemy number one, Sam Bankman-Fried.

Sam Bankman-Fried is now in the custody of the FBI after accepting to be deported from the Bahamas on December 21. The defendant will be brought before a court as soon as possible, maybe on December 22.

Gary Wang has taken responsibility for his acts and takes his duty as a cooperating witness seriously, according to Gary Wang’s attorney. According to the story, Ellison’s counsel remained silent.

Prosecutors charge Sam Bankman-Fried with scamming clients, investors, and lenders. In addition, liquidators are searching through the FTX wreckage for up to $8 billion in missing money.

Also Read: Twitter’s search tool now includes BTC and ETH price indices

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