Caroline Ellison set to testify as star witness against Bankman-Fried
In this courtroom sketch, FTX founder Sam Bankman-Fried, foreground, sits at the defense table while Judge Lewis Kaplan and attorneys discuss final jury selection in his trial on Oct. 4, in New York. Caroline Ellison, federal prosecutors’ star witness against former cryptocurrency mogul Sam Bankman-Fried, is expected to take the stand Tuesday to provide potentially make-or-break testimony in the week-old criminal trial.
Bankman-Fried faces sweeping allegations that he plundered billions of dollars in FTX customer funds without their knowledge to make risky investments, buy luxury real estate, issue huge loans to his inner circle and donate tens of millions of dollars to politicians in both parties.Prosecutors argue Ellison was instrumental in Bankman-Fried’s alleged crimes. Nathan Rehn, the assistant U.S.
In her plea appearance, Ellison said she knew since 2019 that Alameda had “backdoor” access to FTX customer funds, effectively giving the firm an “unlimited line of credit without being required to post collateral.”She also discussed Alameda’s numerous big, risky bets in venture deals and personal loans to FTX executives, saying those were financed with loans from external lenders “worth several billion dollars.
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