Business partners turn on Sam Bankman-Fried

The stunning collapse of one of crypto's most prominent firms has quickly morphed into a legal battle pitting former executives and ex-romantic partners against one another.

From July through October, she told the court, Ellison agreed with Bankman-Fried and others to provide "materially misleading financial statements to Alameda's lenders," and prepared balance sheets that concealed the extent of Alameda's borrowing, according to transcripts from plea hearings held on December 19 and recently unsealed.

A judge released Sam Bankman-Fried on a $250 million bond in his first appearance on American soil since his arrest last week in the Bahamas.Another associate, Gary Wang, FTX's former chief technology officer, pleaded guilty to four counts of similar charges. Wang faces up to 50 years in prison in accordance with federal sentencing guidelines referenced in court.

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