FTX co-founder, CEO of Alameda, and head of engineering plead guilty in exchange for cooperation against Sam Bankman-Fried

Gary Wang, Caroline Ellison, and Nishad Singh, who all pleaded guilty to charges related to the downfall of crypto exchange FTX and its sister company in November 2022, testified against Sam Bankman-Fried at his trial in the Southern District of New York courthouse. The three are facing potential prison sentences of up to 50, 110, and 75 years, respectively. However, as part of their cooperation agreements with the U.S. government, they may avoid jail time if they continue to cooperate and tell the truth. While it is not guaranteed, it is typical for first-time offenders in white-collar cases to avoid jail time as cooperating witnesses.