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It bears the signatures of soldiers on the battlefield.. Zelinsky presents the US Congress with the flag of his country

Two of Fred’s accomplices, Sam Bankman, have pleaded guilty to criminal charges related to the collapse of the FTX cryptocurrency exchange, a federal prosecutor announced Wednesday, as Fred was on his way back to the United States from the Bahamas, where he was arrested.

Caroline Ellison, the former CEO of Alameda Research, a trading firm Fred started, and Gary Wang, who co-founded FTX along with Fred, both pleaded guilty to charges “related to their roles in fraud that contributed to the collapse of FTX,” they said. US Attorney General Damian Williams Wednesday night, in a videotaped statement released on social media.

“Both are cooperating with the Southern District of New York,” Williams said, adding that anyone else involved in the fraud should also contact his office because “our patience is not eternal.”

Fred himself is expected to appear in federal court in Manhattan on Thursday.

In agreements signed with prosecutors on Dec. 19, Ellison and Wang agreed to plead guilty to charges including securities fraud and commodity fraud in return for leniency in the sentence if they cooperate fully.

Williams said the guilty plea and Fred’s transfer to New York were related to “a comprehensive fraud scheme that contributed to the company’s collapse.”

Reporters witnessed Fred leaving Nassau Magistrates Court in a darkened SUV earlier, Wednesday.

“The Bahamas has determined that provisional detention and subsequent written consent by Fred to extradite without formal extradition procedures satisfies the requirements of the[United States-Bahamas Extradition Treaty]and our country’s extradition law,” Bahamas Attorney General Ryan Bender said in a statement. .

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US prosecutors say Fred played a central role in the rapid collapse of FTX and hid its problems from the public and investors.

The Securities and Exchange Commission said Farid illegally used investor funds to purchase real estate on behalf of himself and his family.

The 30-year-old will likely spend the rest of his life in prison.

The founder and former CEO of FTX, which was worth tens of billions of dollars on paper, was being held at Fox Hill Prison in the Bahamas, which human rights activists have said had poor sanitation and was infested with rats and vermin.

At one point, Farid’s net worth was estimated at $32 billion.

He was a prominent figure in Washington, donating millions of dollars to mostly left-leaning political causes and Democratic political campaigns.

And FTX has grown to become the second largest cryptocurrency exchange in the world.