Caroline Ellison's testimony at Sam Bankman-Fried's trial revealed details about Alameda Research struggles and its CEO desire to resign months before the collapse of FTX.
Former Alameda CEO Caroline Ellison recognized she wasn't doing a good job months before the company filed for bankruptcy, but Sam Bankman-Fried persuaded her to stay.Ellison spent over ten hours testifying during Bankman-Fried's trial this week, notably entering through the front doors of the federal court in Manhattan, joined by her attorneys. According to Ellison, she had not seen Bankman-Fried since the crypto empire failed in November last year.
Ellison joined Alameda as a trader in 2018. By 2020, she was handling most of the company's operations, while Bankman-Fried was focused on his newly launched crypto exchange FTX. In August 2021, she became co-CEO alongside Sam Trabucco, who stepped down a few months later, leaving her in charge of the company. In August 2022, Trabucco officially resigned as co-CEO.
According to Ellison, Bankman-Fried instructed her to keep repaying creditors via Alameda's line of credit with FTX. In other words, Alameda would use FTX's customers' assets to repay crypto lenders. At the time, its line of credit with the exchange stood at $13 billion.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Star witness Caroline Ellison says FTX founder Sam Bankman-Fried hoped to be US president somedayFTX founder Sam Bankman-Fried could face decades in prison if he is convicted of charges lodged against him.
Read more »
SBF Trial Live Updates: Caroline Ellison’s Testimony Continues in FTX CaseIt's Caroline Ellison's third day in court testifying on the collapse of crypto firm FTX in Sam Bankman-Fried's New York fraud trial. Ellison was a top deputy for Bankman-Fried and a sometime girlfriend.
Read more »
SBF Trial Live: Caroline Ellison’s Testimony Continues in FTX CaseIt's Caroline Ellison's third day in court testifying on the collapse of crypto firm FTX in Sam Bankman-Fried's New York fraud trial. Ellison was a top deputy for Bankman-Fried and a sometime girlfriend.
Read more »
Changpeng Zhao's tweet 'contributed' to collapse of FTX, claims Caroline EllisonSocial media activity from Caroline Ellison and Binance CEO Changpeng Zhao was front and center in the criminal trial of Sam Bankman-Fried on Oct. 12.
Read more »
Caroline Ellison says working at FTX with Bankman-Fried led her to 'lie and steal'In emotional testimony, Sam Bankman-Fried's former girlfriend blamed the FTX co-founder for justifying illegal activity.
Read more »
Caroline Ellison Tells Jury She Dreaded Inevitable Collapse of FTXCaroline Ellison, a former close associate of FTX founder Sam Bankman-Fried, called the final days of the crypto exchange the “worst week of my ...
Read more »