Caroline Ellison and Gary Wang have both admitted to committing fraud and are now assisting the U.S. government in its investigation into former FTX CEO Sam Bankman-Fried.

Former Alameda Research co-founder Gary Wang and CEO Caroline Ellison have both pleaded guilty in the Southern District of New York to federal fraud charges (SDNY). Attorney Damian Williams made a statement regarding charges filed against other former FTX employees that were unrelated to the ones he just mentioned. These charges are related to their roles in the fraud that led to FTX's collapse.

The investigation into former FTX CEO Sam Bankman-Fried, according to Williams, is moving quickly. It is expected that more allegations may be forthcoming. The Securities and Exchange Commission (SEC) of the United States has also filed a separate suit against Gary Wang and Caroline Ellison. The SEC alleges that they defrauded FTX's investors and engaged in other misconduct.