Crypto Blog
Former Alameda Research CEO Caroline Ellison took the stand on Tuesday to testify to the alleged crypto fraud led by her and her ex-boyfriend, Sam Bankman-Fried.
“Alameda took several billions of dollars from FTX customers and used it for investments,” she continued. “He set up the systems and told us to take the money.” The feature, called “allow negative” had been actively used by Alameda as early as 2019, accordion to Wang. The executive said Alameda used the feature to withdraw $8 billion worth of fiat and crypto beyond what it actually owned.Ellison said she fooled Alameda’s creditors by sharing balance sheets with them which “made Alameda look less risky than it was.
Pertaining to her relationship with Bankman-Fried, Ellison said they began sleeping together “on and off in the summer of 2020.” Regarding his ambitions, Ellison said he wanted to become the President of the United States.
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