FTX Co-Founder, Alameda Research CEO Plead Guilty, Cooperate With Prosecutors

Executives Caroline Ellison and Zixiao Wang have pleaded guilty to federal charges against them and started cooperating with prosecutors in the massive fraud case against FTX and Alameda Research, Richard Lawler and Elizabeth Lopatto report for The Verge. Ellison faces up to 110 years in prison and Wang faces up to 50 years.

At the center of the case is Sam Bankman-Fried, to whom Ellison and Wang had a close working and personal relationship. Bankman-Fried was extradited from the Bahamas on Wednesday, is now in FBI custody and will appear before a judge in the Southern District of New York soon.

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