On the same day that that the Bahamas extradited FTX co-founder and former CEO Sam Bankman-Fried to the U.S. to face criminal charges, two former executives at FTX and Alameda Research pleaded guilty Wednesday to federal fraud charges.
Caroline Ellison, the former chief executive of Alameda Research — the crypto trading company founded by Bankman-Fried — and Zixiao Wang, co-founder of crypto platform FTX and its former chief technology officer, were charged for their roles in contributing to the crypto platform’s collapse.
Williams added that Bankman-Fried was in FBI custody and will appear in court in “as soon as possible,” and suggested more charges in the FTX case could be forthcoming. In a parallel action, the Securities and Exchange Commission on Wednesday also charged the pair “for their roles in a multiyear scheme to defraud equity investors in FTX.”
The SEC claims Wang created software code to allow Alameda to divert FTX customers’ funds, and that Ellison used those funds for Alameda’s trading activity.
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