An executive at collapsed cryptocurrency firm FTX, Nishad Singh, has pleaded guilty to criminal charges in the US.
Former engineering director Singh admitted six charges.
These included three counts of conspiracy to commit fraud and the pleas come after FTX founder Sam Bankman-Fried has been accused of 12 criminal charges, which he denies.
FTX filed for bankruptcy last year and there are an estimated 80,000 UK customers who have been stung by the collapse.
Prosecutors claim the crash was caused by a massive scheme run by Bankman-Fried.
Once known as the “King of Crypto”, Bankman-Fried is accused of directing customer deposits at FTX to be improperly funnelled to his hedge fund Alameda Research and used for political donations, property purchases and other investments.
Singh is a childhood friend of Bankman-Fried’s brother and was part of the team that established FTX.