Gary Wang, the co-founder of FTX, and Caroline Ellison, the former CEO of Alameda Research, have pleaded guilty to federal charges related to their involvement in a fraud scheme orchestrated by Sam Bankman-Fried, the CEO of Alameda Research and founder of FTX.
The exact charges against Wang and Ellison have not been disclosed, but it has been reported that Ellison pleaded guilty to seven counts and faces up to 110 years in prison, while Wang pleaded guilty to four counts and faces up to 50 years in prison.
Bankman-Fried is in FBI custody and is expected to appear in court soon.
The US Securities and Exchange Commission and the Commodity Futures Trading Commission have also brought civil charges against Wang and Ellison.
