### FTX co-founder Gary Wang and Head of FTX’s Hedge Fund (Alameda Research) Caroline Ellison pleaded guilty to criminal charges. 

The US attorney for the Southern District of New York made announced criminal charges against Gary Wang and Caroline Ellison for their role in the fraud scheme perpetrated through FTX. These two senior executives who were part of the inner circle of the FTX group pleaded guilty to the charges and are cooperating with federal prosecutors. 

Since the unravelling of FTX, the founder Sam Bankman-Fried has been very visible and vocal about what happened and seemed to be either out of touch with reality or trying to spin the story to show that there was only incompetence and not fraud. 

Gary Wang and Caroline Ellison on the other hand have been kept well out of the public eye until this announcement. Crypto users as well as victims of the FTX debacle have been wondering what happened Gary Wang and Caroline Ellison. 

It appears now that they will definitely be held accountable and will even play a role in helping the government pin down the other key players in the FTX fraud. Last November, the entire FTX group (FTX US, FTX International, Alameda Research and 130 other companies filed for bankruptcy protection. 

Around the time just before the filing of bankruptcy, the FTX group had come under increasing scrutiny of the media. While investigations are still on-going, a lot of incriminating information has been made public. The FTX liquidator even noted that the situation with FTX is the worst he has ever seen but that it is still plain old fashioned embezzlement, in his opinion. 

FTX collapsed after the public was informed through an article by Coindesk that the balance sheet of Alameda Research was questionable, being supported mainly by FTT tokens issued by FTX. 

It was later discovered that the FTX group had an $8 billion dollar hole in its balance sheet. FTX was insolvent and did not survive the ‘bank run’ that ensued. The damage caused by FTX is still uncertain as other large companies are still teetering, and on the verge of their own bankruptcies.

FTX co-founder Gary Wang and Head of FTX’s Hedge Fund (Alameda Research) Caroline Ellison pleaded guilty to criminal charges. 

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Members of FTX Inner Circle Plead Guilty to Fraud Charges