Sam Bankman-Fried’s court case seems to be moving quickly as there is yet another revelation in the proceedings. Two former co-workers and executives of Bankman-Fried have admitted to the Southern District Court in New York that they aided the former CEO in committing fraud in the defunct FTX exchange.
According to reports from the Washington Post, Caroline Ellison and Gary Wang pleaded guilty in court that they were part of the masterminds that helped Bankman-Fried coordinate the scheme to defraud investors through the bankrupt trading firm.
Caroline Ellison was the Chief Executive Officer of Alameda Research LLC, a subsidiary firm of the defunct FTX exchange while Gary Wang served as FTX’s Chief Technology Officer. According to the report, the two associates are cooperating with the court and have been charged per their pleas.
Bankman-Fried was accused of mishandling customers’ funds in the defunct FTX exchange and breaking U.S. campaign laws. The disgraced CEO is reported to currently be in FBI custody and will soon be transferred to the Southern District Court in New York where he will be tried before a Judge.
Manhattan U.S. Attorney Damian Williams thanked the FBI for its contributions that led to the swift arrest of Bankman-Fried. He also admitted that the arrest will not have been possible without the help of local authorities and individuals in the Bahamas.
Sanitizing the Crypto Space
The sudden collapse of the bankrupt FTX exchange, which resulted in investors losing their funds, has caused many changes in the crypto ecosystem, and regulators are now extremely concerned that such a collapse does not occur again.
A recent report from AFP news stated that Eva Kaili, a crypto enthusiast Vice President of the European Parliament, and a crypto proponent, has been arrested on corruption charges related to Qatar.
Kaili was arrested in Brussels with four other people after anti-corruption investigators conducted 16 searches in connection with money payments made by Qatar to influence European Parliament members’ decisions.
The Australian Securities and Investment Commission (ASIC) in charge of regulating Australia’s financial markets, has announced that it is charging Finder Wallet Pty Ltd to court because it has violated financial regulations and wishes to hold it accountable through the legal system.
According to ASIC, Finder Wallet has been accused of providing financial services without a registered license.
