News

Raising Equity from Saudi Crown Prince Among SBF’s Lofty Plans: Ellison

As the trials deepens further, Caroline Ellison has revealed that SBF nursed the plans to raise equity from Saudi Crown Price
Published by
Raising Equity from Saudi Crown Prince Among SBF’s Lofty Plans: Ellison

In her testimony against Sam Bankman-Fried (SBF), former Alameda Research Chief Executive Officer (CEO) Caroline Ellison revealed that the 31-year-old planned to raise funds by selling FTX equity to Saudi Arabia Crown Prince Mohammed bin Salman, popularly referred to as MBS.

Advertisement

Witness Testimony Against SBF

SBF’s trial started last week and so far, some key members of the FTX team including Gary Wang and Adam Yedidia have testified against the former CEO of the defunct cryptocurrency exchange, stating the role he played in the implosion of the company. 

Bankman-Fried’s ex-girlfriend and business partner Ellison stood before the court today to declare that in 2022, she tried severally to discuss strategies to hedge Alameda’s investments with Bankman-Fried. Rather, Bankman-Fried had instructed her to create “alternative” balance sheets. His directive to her was to mislead Genesis lenders about the firm’s use of funds from the FTX Derivatives Exchange

It was during one of these discussions that Saudi’s MBS was revealed as a potential investor in FTX before the firm collapsed in 2022. Markedly, this potential investment was detailed in one of the pages of Ellison’s online journal titled “Things Sam is Freaking Out About.” In August, prosecutors hinted at plans to present the document during SBF’s October trial.

Noteworthy, Ellison’s claim about an investment from MBS is not a shock to the digital asset ecosystem, especially as he is known to support crypto-related firms. With his net worth counting billions, the Saudi Prince has plunged his funds into several blockchain games. His commitment to these crypto-based entities is all part of his scheme to transform Saudi Arabia’s economy into a global investment powerhouse.

Advertisement

SBF Planned to Buy Snapchat

Other actions noted in this journal include plans to buy Snapchat and turn regulators against leading cryptocurrency exchange Binance. It is worth noting that the fear of having Ellison expose all of this information may have contributed to SBF’s attempt to tamper with her personal diary a few months ago, a move prosecutors leveraged to keep him back in jail

So far, members of his legal team have made an attempt to get court approval to cross-examine Ellison and Wang but Judge Lewis Kaplan has emphatically denied the request.

Advertisement

Share
Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions

Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin price could suffer a significant…

October 22, 2025
  • News

Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7

Crypto ownership is a topic that has been discussed across major forums globally in the…

October 22, 2025
  • News

Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%

Crypto exchange Robinhood has listed the Binance coin for spot trading for its U.S. customers.…

October 22, 2025
  • News

Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation

Bitget, a leading crypto exchange in the world, has joined forces with Google Developer Group…

October 22, 2025
  • News

Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges Amid Scam Allegations

Kadena has announced it was shutting down operations, sending its KDA price into a freefall.…

October 22, 2025
  • News

Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia

Hong Kong has officially approved the region’s first-ever Solana ETF in Asia. This comes as…

October 22, 2025