Caroline Ellison, the former CEO of Alameda Research, has provided explosive testimony in the ongoing trial of Sam Bankman-Fried (SBF), the former CEO of collapsed crypto exchange FTX. Ellison’s testimony revealed shocking details about SBF’s alleged fraud and conspiracy, as well as FTX’s business practices and alleged money laundering.
Key Takeaway
Caroline Ellison’s testimony in the SBF trial has revealed shocking details about alleged fraud, conspiracy, and money laundering. The trial continues to shed light on the inner workings of FTX and the actions of its former CEO, SBF.
Ellison’s Claim of $14 Billion Debt Repayment
One of the standout revelations from Ellison’s testimony is her claim that she took $14 billion from customers to repay debts to lenders under the instruction of SBF. According to Ellison, she used customers as a line of credit and funneled their funds to repay the debts.
Alleged Payments to Chinese Officials
In addition to the debt repayment scheme, Ellison also testified to paying Chinese officials $150 million. These payments were allegedly made to restore access to $1 billion in frozen trading accounts. While there are no charges of bribery in the case, this revelation further adds to the gravity of the allegations against SBF.
Throughout the trial, our resident crypto expert, Jacquelyn Melinek, has been providing comprehensive coverage from inside the courtroom. Melinek has been diligently reporting on the trial proceedings, keeping readers up to date with the latest developments.
This trial is being closely watched as it is one of the highest-profile criminal cases involving the crypto industry. The trial is taking place in the Manhattan Federal Court and is expected to last at least six weeks.
