In a high-profile trial, Caroline Ellison, former deputy and ex-girlfriend of Sam Bankman-Fried, the founder of the crypto exchange FTX, testified that Bankman-Fried “directed” her to use customer funds to repay risky loans he had taken.
The trial revolves around accusations of fraud and money laundering against Bankman-Fried. Ellison revealed that Bankman-Fried orchestrated a risky strategy, relying on FTX deposits, which ultimately led to billions being stolen from customers.
FTX, once a major player in the crypto market, declared bankruptcy in November with over $8 billion missing. Prosecutors claim Bankman-Fried embezzled customer money, allegedly using it for property purchases, political donations, and funding his crypto trading firm Alameda Research.
Bankman-Fried denies all charges. Ellison, who headed Alameda Research, confessed to her involvement in fraudulent activities and revealed that Bankman-Fried directed her to commit these crimes.
During her testimony, Ellison explained that Bankman-Fried was the mastermind behind the schemes, setting up systems that allowed Alameda to siphon funds from FTX customers.
Despite her concerns, she deferred to his decisions, which included providing loans to FTX executives and manipulating digital currencies to support their values.
Ellison’s firsthand account has become a focal point of the trial, shedding light on the events that led to the collapse of FTX and making her a key witness in the case.
Benuevibes is an Entertainment platform. We promote music, videos and open to any kind of promotions. Contact us to get started: 09167693778 & 08077018139 or Kwaghshirvictor@gmail.com.