Two executives of the FTX exchange, Caroline Ellison and Gary Wang, have pleaded guilty to federal fraud charges in the US.
The pair have also agreed to cooperate in the case against Sam Bankman-Fried, the CEO of Alameda Research, who is accused of defrauding customers, investors, and lenders, and of diverting customer funds to buy real estate, lend out, make dubious investments through Alameda, and make political donations.
Bankman-Fried is currently in FBI custody in the US after agreeing to be extradited from the Bahamas.
Ellison and Wang are accused of playing a role in a scheme to misuse FTX customer assets to prop up Alameda and to post collateral for margin trading.
