Members of the crypto community discussed the new development as soon as the news was announced that Caroline Ellison, the former CEO of Alameda Research, and Gary Wang, the former co-founder of FTX, both entered guilty pleas to charges of fraud and are now assisting with the investigation against Sam Bankman-Fried, the former CEO of FTX.
Members of the cryptocurrency community tweeted a variety of responses to the executives pleading guilty and turning on Bankman-Fried, from wondering where customer funds went and making fun of Ellison’s trading abilities to wondering how much insider trading information the executives gave to Shark Tank star Kevin O’Leary.
Community members responded to the news by asking crucial questions. Where is the money from the customers, tweeted one Twitter user. A member of the community enquired as to whether the confession would resolve the issue or if it was already too late.
A community member brought up the claimed recent sightings of Ellison in New York. The Twitter user emphasized that anyone who saw the pictures of Ellison in New York should be aware that the executive entered the country with protection.
Some people decided to inject some fun into the situation while others raised serious issues. One Twitter user made fun of Ellison’s trading abilities and claimed that the former CEO of Alameda had never used a stop-loss feature.
Stephen Findeisen, better known online as Coffeezilla, declared that Bankman-case Fried’s was “over.” Findeisen further noted that despite their distance, Bankman-associates Fried’s managed to “screw him one last time.”
Despite all of this, a member of the community was pessimistic about the recent progress. The Twitter user predicted that “nothing serious will happen.” The user is confident that much like the ocean pipeline explosions, the Las Vegas shootings, and Jeffrey Epstein’s island stories, this entire issue will also go away.
Ellison, a crucial witness in the FTX investigation, was spared 110 years in prison by agreeing to a plea deal with the Southern District of New York Office of the US Attorney. By doing this, the former CEO of Alameda Research will only be charged with tax offenses and might be released right away by posting $250,000 in bail.
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