Changpeng Zhao agreed to plead guilty to money laundering charges and step down from Binance as part of a sweeping settlement with the Department of Justice and top regulators.
The crypto mogul Sam Bankman-Fried has been tried and convicted of orchestrating one of the largest financial frauds in history, but little has changed for people who lost billions when FTX collapsed.
The former FTX CEO, who is accused of orchestrating one of the largest financial frauds in history, plans to testify in his own criminal trial in a major gamble to avoid prison time.
Bankman-Fried built a multibillion crypto business spearheaded by FTX with the help of a group of young colleagues. Now three of his closest associates have turned against him.
Caroline Ellison accused Bankman-Fried of being the mastermind behind illegal activity at FTX. Her words carry weight: She worked with him and also once dated him.
Sam Bankman-Fried faces seven criminal charges, including for defrauding investors. His blockbuster trial is set to begin on Tuesday, and he could face an over 100-year prison term if convicted.
FTX's lawyers allege Sam Bankman-Fried's mom and dad helped shape their son's crypto empire and received millions of dollars worth of gifts and benefits from the now-bankrupt company.
Most white-collar defendants lay low, but the ex-CEO of the collapsed cryptocurrency exchange FTX has been talking, tweeting, and sending email newsletters. Those comments could come back to hurt him.
Binance temporarily froze withdrawals after customers withdrew more than $1 billion worth of crypto on Tuesday, fueling fears more crypto companies could collapse.
At the first hearing in FTX's bankruptcy proceedings, lawyers confirmed that millions of dollars are stolen or missing, and revealed stunning details about the downfall of the once-mighty exchange
