Former FTX executives plead guilty to fraud charges, SBF in custody | USA TODAY

Samuel Bankman-Fried is in US custody and will appear in court as former FTX executives Caroline Ellison and Gary Wang plead guilty to fraud charges.

RELATED: FTX is facing a class action lawsuit. What we know about the company.

Sam Bankman-Fried, founder of the failed cryptocurrency exchange FTX, was extradited to the U.S. late Wednesday to face federal fraud charges related to the misappropriation of billions of dollars of customer funds, U.S. and Bahamian officials said.

The 30-year-old one-time mogul had been held in the Bahamas following his arrest earlier this month, but abruptly dropped a challenge to be transferred to the custody of U.S. authorities where he is to face prosecution in New York. Bankman-Fried was in FBI custody Wednesday night and is scheduled to appear in Manhattan federal court for arraignment "as soon as possible," Damian Williams, the U.S. Attorney for the Southern District of New York, said in a Twitter post.

Two former business associates of Bankman-Fried, Caroline Ellison and Gary Wang, have pleaded guilty to federal charges and agreed to cooperate with prosecutors investigating the alleged fraud scheme, Williams said. He did not specify the allegations.

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28 comments

    1. Federal prosecutors almost never lose. So at this level it’s actually very common to take any plea deal they offer.

    2. @Blackrocks Do you know most people plead “not guilty” to go to jury trial unless they get a plea deal to plead “guilty”?

    1. Especially if you don’t use a cold wallet for storing your crypto. Apparently loads of people just leave their assets on an exchange and assume they won’t lose out to hackers and corrupt business. leaders.

  1. carloine ellison interests me ..after all she is the one that technically gambled it all away so its not surprising that shes now talking to save her skin and wang did the coding so that the money could be siphoned off, poor old sam was just playing leauge of legends all day and getting stoned.

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    1. This is very impressive , meeting Ruby Benally has been a blessing , I never thought I would make so much profits in such a considerably brief period of time.

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  3. Bla bla bla! SBF will commit “suicide” and the case is dead. Look at him speaking with authority like he has real power 😅😅😅 Clown show 😅

  4. this guy is doing a amazing job .. i hope sam has some real dirt on politicians that he paid off in bribese to reduce his jail sentence…. it might get really interesting.

  5. A billionaire getting bail!! big surprise!! gotta love american law!! If your rich your never guilty!!
    Nice democratic justice system!! lol I mean why wouldnt you give him bail! He is so trust worthy!
    They all should be in prison.. Dad. Mom.. and Sam!!

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