BREAKDOWN: Gary Wang and Caroline Ellison Plead Guilty to Fraud as SBF Lands In US

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CoinDesk

Business News, Daily News, News, Tech News

4.7 • 698 Ratings

🗓️ 22 December 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

After pleading guilty, the two FTX/Alameda leaders face 50 and 110 years in prison, respectively. This episode is sponsored by Nexo.io, Circle and Kraken. In breaking news last night, Sam Bankman-Fried was extradited from the Bahamas to the U.S. to face charges ranging from wire fraud to campaign finance fraud. Almost as soon as the plane took off, the U.S. Attorney for the Southern District of New York announced that Alameda’s Caroline Ellison and FTX’s Gary Wang had pleaded guilty and were cooperating with prosecutors. NLW breaks down everything we learned in the last 24 hours. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds and keeps innovating with products like the Nexo Wallet - a non-custodial smart wallet that allows you to create your Web3 identity. Get early access at nexo.io/wallet. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - Kraken, the secure, trusted digital asset exchange, is our sponsor for today's show. Kraken makes it easy to instantly buy 185+ cryptocurrencies with fast, flexible funding options. Your account is covered by regular Proof of Reserves audits, industry-leading security and award-winning Client Engagement, available 24/7. Sign up and trade today at kraken.com/breakdown. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “Back To The End” by Strength To Last. Image credit: Joe Raedle/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:40.8	Start your free 30-day trial at audible.com slash Wondery UK.
0:45.6	That's audible.com slash Wondery UK.
0:51.0	Last week, we announced charges against Samuel Bankman-Fried for a sweeping fraud scheme
0:56.0	that contributed to FTX's collapse and for a campaign finance scheme that sought to influence
1:01.2	public policy in Washington.
1:03.9	As I said last week, this investigation is very much ongoing and it's moving very quickly.
1:09.6	I also said that last week's announcement would not be our last, and let me be clear once again,
1:14.6	neither is today's.
1:15.6	I want to make two announcements.
1:17.6	First, I'm announcing that the Southern District of New York has filed charges against
1:21.6	Caroline Ellison, the former CEO of Alameda Research, and Gary Wong, a co-founder of FTX,
1:28.9	in connection with their roles in the frauds that contributed to FTX's collapse.
1:33.7	Both Ms. Ellison and Mr. Wong have pled guilty to those charges,
1:37.7	and they are both cooperating with the Southern District of New York.
	...

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