Two top ranking FTX executives have pleaded guilty to federal fraud charges and have agreed to fully cooperate with the authorities.
Meanwhile, Sam Bankman-Fried himself may soon appear in front of a US judge after the decision to extradite him was recently made following a lengthy stay in the Bahamas. SBF will also reportedly be released from jail on a $250 million bailout.
Caroline Ellison and Gary Wang accepted their fate on the eve of December 21st, according to the United States Attorney for the Southern District of New York. Ellison was the former CEO of Alameda Research, and Wang was a founding member of the FTX exchange.
Sam Bankman-Fried has been accused of defrauding customers, investors, and lenders, according to prosecutors. Furthermore, liquidators are sifting through the FTX wreckage in search of up to $8 billion in missing funds.
As if things were not bad enough for SBF, fraud and diverting customer funds to purchase real estate, lend out, make questionable investments through Alameda, and make political donations are among the various charges leveled against him. If found guilty, he faces up to 115 years in prison.
 
Former FTX Executives Plead Guilty As SBF Gets Extradited
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
December 21,2024
Chainlink And Shiba Inu Will Work Together To Enhance Interoperability
December 21,2024
Worldcoin Ordered By German Regulator To Delete User Data
December 20,2024
These 3 AI Agents Are Still Going Strong Despite Market Pullback
December 20,2024
Market Braces For Impact As U.S. SEC Faces Possible Shutdown
December 20,2024
Ramaswamy Confirms Twitter Hack As USUAL Partnership Turns Out To Be Fake
December 20,2024
Nexus Attracts Over 1.5M Nodes During Successful Testnet
December 19,2024
Kraken Launches Ink Ahead Of Schedule Due To Overwhelming Community Support
December 19,2024
SUI Continues Strong Momentum After Surging 500% In 4 Months
December 19,2024
Crypto Community Celebrates As Caroline Crenshaw Loses Renomination Bid
December 19,2024
Powell Opposes Bitcoin Reserve Strategy And Denies Central Bank Permission To Hold BTC
December 18,2024
Bitcoin Hits A New ATH Once Again After Touching $108K
December 18,2024