FTX, Alameda Execs Plead Guilty to Fraud, Released On Bail

Dec 22,2022
KingData News: Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty to federal criminal charges over their role in fraud which contributed to FTX’s implosion. US attorney Damian Williams said Wednesday that the Southern District of New York had filed charges against the pair, with both cooperating with authorities. Ellison collectively faces seven charges including wire fraud and conspiracy to commit both commodities and securities fraud. They carry a maximum sentence of 110 years in prison, according to a plea agreement with prosecutors. Wang, who served as chief technology officer at both FTX and Alameda, pleaded guilty to four counts of conspiracy to commit wire fraud and securities fraud. He faces up to 50 years in prison, according to the Washington Post. They have both reportedly been released on a $250,000 bond.
A financial document disclosed in the media indicates that SBF's Alameda Research has a capital debt situation, with nearly half of its holdings related to FTT and Solana. On November 6, 2022, CZ stated that due to recent revelations, Binance will sell all FTT on its books. This indicator broadcasts updates on FTX-related events.
30,403Follow
76,363

Recommend

More