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Author: Turner Wright, CoinTelegraph; Compiled by: Tao Zhu, Bitchain Vision
Cryptocurrency exchange FTX and trading company Alameda Research have been insolvent for almost two years, causing uncertainty in the market, and regulatory authorities cracked down on it and criminal charges were brought to criminal charges.
Former FTX CEO Sam “SBF” Bankman-Fried, who heads the exchange and is said to be the manipulator behind Alameda, was one of the first executives to face jail.However, of the five individuals indicted in U.S. federal court, he is the only one to plead guilty and to hear the case by a jury in a high-profile trial.
As of the time of publication,Bankman-Fried may be held in a cell at the Brooklyn Metropolitan Detention Center and faces 25 years in prison.A federal judge made a verdict on March 28, but SBF’s legal team has filed a notice of appeal for convictions and sentences.He is expected to stay in New York for legal proceedings.
Ryan Salame
As an FTX executive who informed Bahamas regulators about possible fraud in cryptocurrency exchanges, Ryan Salame and his legal disputes are arguably the most compelling, second only to Bankman-Fried.
Unlike others who have been sued for their roles in FTX and Alameda,Instead of testifying at SBF’s 2023 criminal trial, Salame admitted to conspiracy to run an unlicensed remittance business and participating in campaign finance fraud.In May, Judge Lewis Kaplan sentenced former FTX Digital Markets co-CEO to 90 months in prison.
Unlike other FTX executives, Salame started posting regularly on social media after being sentenced, often making charges against his former colleagues – but providing no evidence.He was initially scheduled to report to the prison on August 29.After authorities accused his partner Michelle Bond of violating the campaign finance law, Salame petitioned the judge to revoke his plea agreement with prosecutors.
As of the time of publication,Salame is expected to report to the prison on October 13.If Judge Kaplan accepts his request and revokes his plea, he may face criminal trial.
Gary Wang and Nishad Singh
FTX co-founder Gary Wang is one of the first people to be charged in December 2022 to admit to telecom fraud, securities fraud and commodity fraud.Former FTX Engineering Director Nishad Singh followed closely in February 2023 and pleaded guilty to similar charges.
Both former executives testified at the SBF trial, talking about the abuse of user funds between FTX and Alameda at Bankman-Fried’s direction.Many legal experts speculate that Wang and Singh may receive commutation of sentences due to their cooperation with the authorities.
Unless there is a legal dispute over Salame’s motion, Singh’s sentencing hearing is scheduled for October 30.Wang’s sentencing hearing is scheduled for November 20.
Caroline Ellison
The former CEO of Alameda Research is probably one of the most secretive individuals in the FTX fiasco.Like Singh and Wang, Caroline Ellison pleaded guilty to fraud charges in 2022 after the cryptocurrency exchange collapsed.
However, on the eve of the Bankman-Fried trial, prosecutors applied to revoke his bail, in part because he allegedly intimidated Ellison by sharing some of her private diaries with The New York Times.Judge Kaplan revoked SBF’s bail in August 2023, the last time the former FTX CEO has been freed.
Some online detectives tried to find Ellison, but it is unclear where she might be waiting for the sentencing, or what she was doing during this period.As of August 29, no sentencing hearings for the former Alameda CEO have been scheduled, and she could face several years in prison.
