Caroline Ellison, the former chief executive of Alameda Research, and Gary Wang, a founder of FTX, are cooperating in the federal criminal case against Mr. Bankman-Fried.

Two former top executives of Sam Bankman-Fried’s crypto trading empire have pleaded guilty to federal charges and are cooperating in the criminal case against the disgraced crypto entrepreneur, the U.S. attorney for the Southern District of New York said on Wednesday night. The guilty pleas and cooperation agreements are a major advance in the fraud case against Mr. Bankman-Fried

Mr. Bankman-Fried has been charged with orchestrating a multiyear fraud that diverted billions in customer money for other uses including buying real estate in the Bahamas, trading crypto at Alameda, making campaign donations and investing in other crypto companies. Prosecutors contend he defrauded customers, investors and lenders to his crypto trading firm, which was once one of the biggest in the world before it collapsed in bankruptcy last month.

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