FTX co-founder and former head of hedge fund Alameda Research plead guilty to multiple charges and are cooperating with justice

Two high-ranking executives linked to the crashing cryptocurrency exchange FTX have pleaded guilty to multiple criminal charges and are cooperating with federal prosecutors, according to declassified court records.

Gary Wang, former co-founder of FTX, and Caroline Ellison, former CEO of hedge fund Alameda Research and girlfriend of Sam Bankman-Fried, have pleaded guilty to multiple charges for their role in the fraud scheme that led to the bankruptcy of FTX. the cryptocurrency exchange platform.

Damian Williams, attorney for the Southern District of New York, announced the charges in a video message Wednesday night. In a brief statement, he reiterated that the investigation is ongoing, noting specifically that these new charges in the case are not the latest.

Sam Bankman-Fried, co-founder of FTX, will be extradited to the United States tonight. Under questioning by a local magistrate, a scruffy-looking Bankman-Fried upheld his decision to leave the Bahamas and face charges in the United States at a court hearing in Nassau on Wednesday morning.

He could face up to 115 years in prison if convicted of all eight counts, according to Congress’s statutory maximum sentencing guidelines.