FTX co-founder Gary Wang and the former head of Alameda Research, Caroline Ellison, pleaded guilty today to charges brought against them by US federal authorities in connection with the collapse of the FTX platform that caused a shake-up in the cryptocurrency market.
The two senior executives are only the second and third individuals against whom the authorities have made formal accusations in connection with the FTX “scandal”.
San Bankman-Fried was arrested last week in the Bahamas and has already agreed to be extradited to the US.
Read Also: The Bahamas has frozen FTX’s assets
Wan pleaded guilty to conspiracy to commit fraud, electronic fraud, conspiracy to commit commodities fraud and conspiracy to commit securities fraud.
Ellison in turn pleaded guilty to conspiracy to commit “money laundering” and conspiracy to commit wire fraud, commodities fraud and securities fraud.
The US Securities and Exchange Commission said the two defendants were involved in a “multi-year scheme to defraud investors in FTX”.
The plea agreements the two former executives signed with authorities took place on Monday, the day Bankman-Fried was due to return to the US, which was delayed due to the chaos of the trial in the Bahamas.
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