A FTX co-founder and the former CEO at Alameda Research plead guilty to fraud

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A FTX co-founder and the former CEO at Alameda Research plead guilty to fraud
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FTX co-founder Gary Wang and former Alameda Research co-CEO Caroline Ellison both plead guilty to federal charges and are cooperating with prosecutors.

alleges that Wang"created FTX’s software code that allowed Alameda to divert FTX customer funds" and that Ellison used those funds for Alameda's trading.

“Billions of dollars of FTX customer funds were so deposited into Alameda-controlled bank accounts,” the complaint reads. Customers are estimated to have lost more than $8 billion, the acting director of the CFTC’s Enforcement Division has said.

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