Former head of Alameda Caroline Ellison, co-founder of FTX pleads guilty in fraud case against Sam Bankman-Fried – FTX Token (FTT/USD)

two former officials of Sam Bankman-Friedcrypto-focused companies of Caroline Ellison And Gary Wang, has pleaded guilty to criminal charges related to the collapse of ftx,

What happened: It comes in the form of Bankman-Fried Arrested last week in the Bahamas And he has been extradited to the US to answer various charges.

Ellison said in court, “I am truly sorry for what I did.” to The Wall Street Journal, citing a transcript of the hearing. “I knew it was wrong.”

See more: Best Crypto Day Trading Strategies

The guilty plea and cooperation agreement against Bankman-Fried in the fraud case is a major advance in her prosecution, after the accusers agreed to be extradited to the New York Times on Wednesday. ReportedQuoting US Attorney Damien Williams.

Ellison, 28, was the chief executive officer of Alameda Research. Wang was the co-founder of FTX.

why it mattersBankman-Fried faces multiple charges for a multi-year fraud scheme that saw real estate acquisitions in the Bahamas, cryptocurrency trading in Alameda and billions of dollars of customer funds diverted for his own use. political donationamong other things.

Prosecutors allege that Bankman-Fried used complex methods to defraud customers, investors and lenders linked to his erstwhile crypto trading firm, which recently declared bankruptcy following its collapse last month.

price action: at the time of writing, ftx ftt/usd was trading at $0.865, down 7.80% in the last 24 hours. According to Benzinga Pro,

Read further: Bitcoin, Ethereum, Dogecoin Dip: Analyst Says Apex Cryptos Left Out of Wall Street’s Risk-On Mode

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