Caroline Ellison, former co-CEO of Alameda Research, testified against Sam Bankman-Fried, the former CEO of FTX, implicating him in a series of financial crimes.

The allegations stemmed from activities conducted through cryptocurrency trading platforms FTX and Alameda Research, both of which saw a sharp downfall in November 2022.

Caroline Ellison Testifies Against Sam Bankman-Fried

Caroline Ellison, who also had personal relations with Bankman-Fried, revealed in a Manhattan courtroom on Tuesday that she was instructed to divert funds from FTX customers to settle debts of Alameda Research.

The misdirection of around $14 billion was mentioned, alleging that Bankman-Fried established the system allowing such financial misconduct.

“Sam directed me to commit these crimes,” she stated.

Elison highlighted an orchestrated effort to mislead lenders by presenting falsified balance sheets. The goal was to make Alameda’s losses appear less risky than they were in reality. This statement was a part of her testimony that lasted about 10 minutes.

Read more: Who Is John J. Ray III, FTX’s New CEO?

The accusations followed similar testimony from Gary Wang, FTX co-founder, is cooperating with the prosecution. Both Ellison and Wang face charges, including wire fraud, conspiracy to commit fraud, and money laundering.

Bankman-Fried, on the other hand, faces seven federal charges with a possibility of life imprisonment if found guilty. His trial will continue in Ma

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Author: Bary Rahma

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