Former FTX CEO Sam “SBF” Bankman-Fried had ambitions to become president of the United States, according to his former girlfriend and business associate Caroline Ellison.

Appearing in court on Oct. 10 to testify against Bankman-Fried, Ellison reportedly said the former FTX CEO wanted to be the U.S. president in the future. The declaration followed the end of their personal relationship, while the two continued to work together in their respective leadership roles at Alameda Research and FTX until November 2022.

JUST IN: Live tweets of Ellison’s testimony reveal that @SBF_FTX had plans of becoming the President of the United States. pic.twitter.com/FGD8UYYHdX

— Cointelegraph (@Cointelegraph) October 10, 2023

Ellison admitted to fraud during her time at Alameda under the direction of Bankman-Fried, claiming he “set up the systems” leading to the hedge fund taking roughly $14 billion from the exchange. Her testimony on the fifth day of SBF’s criminal trial was part of a plea agreement with prosecutors.

According to Ellison, between $10 and $20 billion in FTX user funds were deposited to Alameda from 2020 through 2022, with the money used in part to “repay loans, investments and stablecoin conversions.” She added that FTX was not disclosing Alameda’s line of credit to investors or auditors.

Related: SBF seeks to probe FTX lawyers’ roles in $200M Alameda loans

The former Alameda Research CEO testified on the firm Go to Source to See Full Article
Author: Turner Wright

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