Former Alameda Research CEO Caroline Ellison is set to testify for a second day at Sam Bankman-Fried's fraud trial over the failure of crypto firm FTX. Wall Street Journal reporters will bring you live updates.
Caroline Ellison, a onetime top deputy of FTX founder Sam Bankman-Fried, testified for a second day at his fraud trial in New York, recalling how she was “very stressed out” during the final months of the doomed crypto exchange. Ellison, the former chief executive of FTX’s sister hedge fund, Alameda Research, said she was concerned about the billions of dollars Alameda had secretly borrowed from FTX customers to cover risky investments and pay back loans.
First she was a trader, but she was promoted to co-CEO in the summer of 2021. She previously testified that Bankman-Fried stepped down as chief executive of Alameda to distance himself from the hedge fund while he ran FTX. But she still reported directly to him and followed his instructions, she said.
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