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As the trial of embattled FTX Derivatives Founder’s CEO, Sam Bankman-Fried (SBF) enters its second week, former romantic partner and long-term ally, Caroline Ellison has once again indicted the crypto innovator.
Caroline Ellison Makes Bombshell Revelation
In the testimony, Caroline Ellison admitted to committing fraud as CEO of Alameda Research. However, she noted that she did not commit these frauds at her own prerogative as she was directed to do so by Sam Bankman-Fried.
As Ellison pointed out, SBF set up the systems that made it easy for him to siphon money from FTX. This system, according to her, was responsible for about $14 billion that Alameda Research could secure from the now-bankrupt digital currency trading platform.
“Alameda took several billions of dollars from FTX customers and used it for investments,” Ellison said according to reports from the Courthouse. “I sent balance sheets that made Alameda look less risky than it was.”
The relationship between SBF and Caroline Ellison is a bittersweet affair in that their voyage as two of the early innovators in crypto was cut short. Ellison was convinced by SBF to leave Jane Street Capital to join him in his crypto endeavors. Both eventually mixed business with pleasure, one of the major actions that many have postulated as one of the reasons behind the implosion of the trading platform.
Ellison is also facing charges relating to her role in bringing the FTX exchange down. Unlike SBF, however, she has pleaded ‘guilty’ to the charges levied against her. As part of government witnesses, the speculations remain that she will bag minimal sentencing for her role in the fraud.
SBF Trial Not Going in His Favor
While everyone who has testified thus far has indicted SBF, it is obvious that that trial is currently not going in his favor.
However, his lawyers might be granted permission to cross-examine some of the witnesses with the official court filing for Gary Wang already submitted. With the courthouse drama continuing, the community is more interested in other revelations that will be made by Ellison and other potential witnesses.
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