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Binance, Snapchat and capital among things SBF was ‘freaking out about’

Press Releases Crypto News Cointelegraph Binance, Snapchat and capital among things SBF was 'freaking out about'

Weeks and months before the collapse of crypto exchange FTX, former CEO Sam Bankman-Fried was “freaking out” about Alameda, buying shares in Snapchat, raising capital from Saudi royalty, and getting regulators to crack down on rival crypto exchange Binance.

So was written in former Alameda Research CEO Caroline Ellison’s personal notes about FTX and Alameda, which prosecutors presented on the second day of her testimony in New York.

During the trial, Ellison told jurors that a crash in the Terra ecosystem in May 2022 was significant enough to get Bankman-Fried to consider shutting down Alameda and seeking to raise $1 billion in capital from the Saudi Prince, known for his investments in blockchain gaming through Saudi Arabia’s sovereign wealth fund.

Another priority for Bankman-Fried a year ago was “getting regulators to crack down” on the crypto exchange Binance, a move intended to increase FTX’s market share, according to Ellison. She didn’t provide any details on how Bankman-Fried planned to do it.

One more Caroline Ellison courtroom sketch.

This one featuring SBF himself! https://t.co/q3O6xqxEhl pic.twitter.com/cQJbj5V1H7

— Ariel Givner, Esq. (@GivnerAriel) October 11, 2023

Bankman-Fried was also seeking more funds from crypto lender BlockFi, which had already lent Alameda over $660 million, she said. His other top concerns included trading bonds issued by the Japanese government, buying Snap Inc (SNAP) stocks, and “Willie being happy.”

While the list doesn’t specify who Willie was, the name was possibly a reference to Bankman-Fried’s mentor William MacAskill.

According to Ellison, Bankman-Fried blamed her for Alameda’s troubles and

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Author: Ana Paula Pereira

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