hit tracker
Tuesday, February 27, 2024
HomeLatest NewsTwo senior FTX officials plead guilty to contributing to its bankruptcy

Two senior FTX officials plead guilty to contributing to its bankruptcy

Date: February 27, 2024 Time: 05:54:19

Two senior executives of the crypto asset exchange platform FTX have pleaded guilty to actions that have contributed to the bankruptcy of the company. The attorney for the southern district of New York, federal prosecutor Damian Williams, announced Wednesday that the former executive director of Alameda Research, Caroline Ellison and the co-founder of FTX Gary Wang had pleaded guilty, as reported by ‘The Hill’.

The two are cooperating with the New York District Attorney’s Office to obtain more information on how the company has gone into the red to the point of bankruptcy. In addition, the co-founder and former delegate of the platform Sam Bankman-Fried is in FBI custody and is traveling to the United States.

“He will be transported directly to the Southern District of New York and will appear before a judge in this district as soon as possible,” the judge said in a statement. These statements take place one day after the FTX co-founder accepts his extradition to the North American country, where he is accused of having committed multi-million dollar investor fraud.

The businessman had been arrested in the Bahamas last week after receiving a notification from the US authorities, who have charged him with a total of eight charges, including conspiracy to embezzle client funds.

FTX announced in mid-November that it had decided to file for the protection of Chapter 11 of the United States Bankruptcy Law to carry out an orderly process of evaluation and liquidation of assets for the benefit of the interested parties. According to a judicial file, FTX owed its 50 largest creditors almost 3,100 million dollars (2,919 million euros).

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

Most Popular

Recent Comments