BREAKING: FTX co-founder Gary Wang and former Alameda Research co-CEO Caroline Ellison both plead guilty to federal charges and are cooperating with prosecutors.
The co-founder of cryptocurrency exchange FTX and the former CEO of Sam Bankman-Fried's hedge fund, Alameda Research, have pleaded guilty to fraud,The former CEO, Caroline Ellison, and the co-founder of FTX, Gary Wang, are both cooperating with prosecutors, the U.S. attorney for the Southern District of New York said in a video statement.
Bankman-Fried, 30, has been indicted and is accused of misappropriating billions of dollars deposited in FTX, a huge cryptocurrency exchangeEllison and Wang were charged"in connection with their roles in the frauds that contributed to FTX’s collapse," U.S. Attorney Damian Williams said. He said in Wednesday night's announcement that Bankman-Fried was in FBI custody and was being transported to the U.S. from the Bahamas, where he was arrested on Dec. 12.Customers lost an estimated more than $8 billion, the acting director of the Commodity Futures Trading Commission’s Enforcement Division has said.This is a developing story. Please check back for updates.
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