Sam Bankman-Fried’s former friends pleaded guilty and are cooperating in the FTX fraud investigation

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Caroline Ellison and Zixiao “Gary” Wang, two executives from Sam Bankman-defunct Fried’s crypto empire, have pleaded guilty and are cooperating with prosecutors. Damian Williams, the US Attorney for the Southern District of New York, announced the news late Wednesday.

Williams did not specify the charges to which the two pleaded guilty, but stated that the guilty pleas were related to their roles as insiders at FTX and its sister company, Alameda Research. Wang co-founded the FTX cryptocurrency exchange and owned a 10% stake in Alameda Research. (The remaining 90% was owned by Bankman-Fried.) Ellison was the CEO of Bankman-trading Fried’s firm Alameda Research. According to The Washington Post, Ellison pleaded guilty to seven counts. According to the WaPo, she faces up to 110 years in prison. Wang entered a guilty plea on four counts and faces up to 50 years in prison.

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Sam Bankman-Fried’s former friends pleaded guilty and are cooperating in the FTX fraud investigation

Caroline Ellison and Zixiao “Gary” Wang, two executives from Sam Bankman-defunct Fried’s crypto empire, have pleaded guilty and are cooperating with prosecutors. Damian Williams, the US Attorney for the Southern District of New York, announced the news late Wednesday.

Williams did not specify the charges to which the two pleaded guilty, but stated that the guilty pleas were related to their roles as insiders at FTX and its sister company, Alameda Research. Wang co-founded the FTX cryptocurrency exchange and owned a 10% stake in Alameda Research. (The remaining 90% was owned by Bankman-Fried.) Ellison was the CEO of Bankman-trading Fried’s firm Alameda Research. According to The Washington Post, Ellison pleaded guilty to seven counts. According to the WaPo, she faces up to 110 years in prison. Wang entered a guilty plea on four counts and faces up to 50 years in prison.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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