The founder of collapsed crypto exchange FTX, Sam Bankman-Fried, landed in the United States on Wednesday night to face a criminal trial with a range of charges.

Meanwhile, two of his most senior longtime associates, Caroline Ellison and Gary Wang, have pleaded guilty to fraud and said they would cooperate with prosecutors.

The news doesn't bode well for Bankman-Fried.

The 30-year-old is expected to make his first appearance Thursday in Manhattan federal court, which has brought eight counts of indictment.

His lawyers may try to get him released on bail.

Comprehensive investigations

The spectacular collapse of the crypto exchange FTX and the closely associated trading company Alameda Research has triggered extensive investigations by the US authorities.

Elllison and Wang's admission of guilt increases the pressure on Bankman-Fried and other top executives at the marketplace, which was one of the largest in the segment in the world.

"Let me repeat the call I made last week," said Damian Williams, US Attorney for the Southern District of New York.

“If you have been involved in wrongdoing at FTX or Alameda, now is the time to investigate.

We act quickly and our patience is not eternal."

A Bankman-Fried representative declined to comment on the issue.

Ellison's attorney did not immediately respond to requests for comment.

Wang's attorney, Ilan Graff, said his client "has accepted responsibility for his actions and takes his obligations as a cooperating witness seriously."

Released on bail

Ellison, the 28-year-old daughter of a professor, has pleaded guilty to seven counts.

Wang, who recently made the Forbes billionaires list, pleaded guilty to four counts, according to prosecutors.

Both are free on bail.

Former US Attorney Paul Pelletier sees the guilty plea as bad news for Bankman-Fried.

Defense attorneys know that employees who cooperate early get the best deals from prosecutors.

"When prosecutors credibly communicate to the public that they will reward co-operative employees and prosecute the scammers, company executives take notice," Pelletier said.

Bankman-Fried embodied FTX and its vast network of companies to the public.

He has appeared around the world, flanked by politicians, celebrities and athletes, promoting FTX and crypto in general.

The SEC alleges that Ellison and Wang have been involved in defrauding FTX investors for years.

Between 2019 and 2022, Ellison — on orders from Bankman-Fried — manipulated the price of the FTX token FTT.

Former Alameda boss Wang and his colleague Nishad Singh were the core of Bankman-Fried's inner circle.

Singh has not been charged with any wrongdoing by US authorities.

Wang co-founded FTX with Bankman-Fried.

Wang met Bankman-Fried at math camp when they were in high school and was later his roommate at the Massachusetts Institute of Technology.

Ellison, who knew Bankman-Fried from their time together in the quantitative trading business at investment bank Jane Street and had a relationship with him, joined Alameda in its early days.