Latest Reports on SBF’s Trial: Secrets Revealed

In a big court case about the fall of FTX, a cryptocurrency trading platform, Sam Bankman-Friedis being examined, and those close to him, including Caroline Ellison, a former hedge fund CEO, and FTX co-founder Gary Wang, are sharing their stories in court.

Ellison's words in court are very crucial because she was a big part of the FTX operation and was also romantically involved with Bankman-Fried. On the first day of talking in court, she said things that were not good about him, sharing this on October 10.

Ellison pointed out that Bankman-Fried asked her to do illegal things, the same actions that she admitted to (pleaded guilty to) in December. She said he made all the main decisions at FTX. She shared that he knew that Alameda was using FTX customer’s money, around “$14 billion” in total, and kept using money from the crypto exchange until there was no more in November 2022 because the company had to pay back its lenders. 

Ellison explained:

“Alameda took several billions of dollars from FTX customers and used it for investments. (…) He set up the systems and told us to take the money. (…) I sent balance sheets that made Alameda look less risky than it was.”

Ellison also spoke about Bankman-Fried’s big plans for the FTX empire and his own dreams, like wanting to be the President of the United States one day. He reportedly used user funds to donate to US political campaigns.

Before Ellison spoke, the jury listened to Wang, who started speaking on October 5 and confessed to doing illegal things with Bankman-Fried, Ellison, and another former director, Nishad Singh. He also admitted (pleaded guilty) to this before.

At the moment, the price of FTX’s token, FTT, is $1.025. It has gone down by 3.98% today, and has lost 14.83% of its value in the past week, and dropped 0.75% in the last month, according to the newest data on October 11.