FTX

Two senior executives associated with collapsed crypto exchange FTX have pleaded guilty to multiple criminal charges and are cooperating with federal prosecutors, according to unsealed court records. Additionally, the pair face civil fraud charges from the Securities and Exchange Commission that were announced Wednesday night.

Lawyers for Sam Bankman-Fried are negotiating with federal prosecutors in New York on a bail arrangement that would enable him to avoid detention, people familiar with the matter told CNN.

Sam Bankman-Fried was expected to drop his extradition fight, clearing a significant hurdle to return him to US soil to be prosecuted on multiple charges of fraud and conspiracy. But Monday’s hearing left observers in the dark about what happens next.

The former CEO of the failed cryptocurrency exchange FTX said Wednesday that he did not “knowingly” misuse customers’ funds, and said he believes his millions of angry customers will eventually be made whole.

The company tasked with locking down the assets of the failed cryptocurrency exchange FTX says it has managed to recover and secure $740 million in assets so far, a fraction of the potentially billions of dollars likely missing from the company’s coffers.

The full extent of FTX’s financial disarray is becoming clearer as the failed crypto exchange’s new management combs for cash as part of the bankruptcy process.