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

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FTX Founder Sam Bankman-Fried Returns To Court In The Bahamas
Photo by Joe Raedle/Getty Images

Caroline Ellison and Gary Wang, two executives in Sam Bankman-Fried’s fallen crypto empire, have pleaded guilty to federal charges and are cooperating with prosecutors. The news was announced late Wednesday by Damian Williams, the US Attorney for the Southern District of New York.

Williams didn’t specify what charges the two pled to, but said the guilty pleas were in relation to their roles as insiders at FTX and its sister company Alameda Research. Wang was a co-founder of the FTX cryptocurrency exchange, and Ellison served as CEO of Bankman-Fried’s trading company Alameda Research.

Bankman-Fried and a select group of insiders, including Ellison and Wang, are alleged to be the only people who knew that FTX was engaging in fraud. The...

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