2 top Sam Bankman-Fried associates plead guilty in FTX scheme, will cooperate with prosecutors

Sam Bankman-Fried, the disgraced founder of cryptocurrency exchange FTX, is in FBI custody and en route from the Bahamas to New York City to face federal fraud charges tied to FTX's collapse, Manhattan U.S. Attorney Damian Williams said Wednesday night.

Bankman-Fried has indicated he will plead not guilty to the eight criminal charges filed against him. But Williams also announced in his video message that two of Bankman-Fried's top associates, Caroline Ellison and Gary Wang, secretly pleaded guilty to similar charges and "are both cooperating with the Southern District of New York."

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us
Peter Weber, The Week US

Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.