Former FTX Executives Plead Guilty As SBF Gets Extradited

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.