Asian Tech Press (Dec 22) -- Two associates of FTX founder Samuel Bankman-Fried have pleaded guilty to fraud charges.

Two associates of FTX founder and former CEO Samuel Bankman-Fried have pleaded guilty to participating in fraud and are cooperating with an ongoing investigation, U.S. federal prosecutors said Wednesday.

The fraud case prompted the collapse of FTX, once one of the world's largest cryptocurrency exchanges.

Caroline Ellison, former CEO of Alameda Research, a sister company of FTX, and Gary Wang, former chief technology officer of FTX, have both pleaded guilty to criminal violations, Damian Williams, the U.S. attorney for the Southern District of New York, said in a video posted on Twitter.

The U.S. Securities and Exchange Commission said Wednesday it has indicted Ellison and Wang on securities fraud charges.