Carolyn Ellison, former CEO of Alameda Research, and Gary Wong, co-founder of FTX, pleaded guilty to criminal fraud charges
, between 2019 and 2022, Ellison, at the direction of Bankman-Fried, furthered the scheme by manipulating the price of FTT, an FTX-issued exchange crypto security token, by purchasing large quantities on the open market to prop up its price. FTT served as collateral for undisclosed loans by FTX of its customers’ assets to Alameda, a cryptocurrency hedge fund owned by Wang and Bankman-Fried and run by Ellison.
The complaint also alleges that Wang created FTX’s software code that allowed Alameda to divert FTX customer funds, and Ellison used misappropriated FTX customer funds for Alameda’s trading activity. The guilty pleas were announced as Bankman-Fried was being flown to the US from the Bahamas by US law enforcement to answer to charges tied to his role in FTX’s failure.
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