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Bankman-Fried in FBI custody, Ellison, Wang plead guilty and are cooperating


www.theblock.co 22 December 2022 02:59, UTC
Reading time: ~2 m

Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have plead guilty to criminal charges, U.S. Attorney for the Southern District of New York Damian Williams announced.

The Securities and Exchange Commission has also filed civil charges against the two, alleging that they defrauded investors.

Williams added that both Ellison and Wang are cooperating with prosecutors, and that he anticipates bringing more charges against other individuals. But he also urged others involved in the collapsed crypto firm to come forward before charges might be brought, warning, “our patience is not eternal.”

“We continue to work around the clock, and we are far from done,” Williams added.

Sam Bankman-Fried is also now in FBI custody, he said.

Disclaimer: Beginning in 2021, Michael McCaffrey, the former CEO and majority owner of The Block, took a series of loans from founder and former FTX and Alameda CEO Sam Bankman-Fried. McCaffrey resigned from the company in December 2022 after failing to disclose those transactions.

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