The prosecution and defense teams in the criminal trial against Sam Bankman-Fried (SBF), the indicted founder and former CEO of the bankrupt cryptocurrency exchange FTX, seem to be hinged on the testimony of Caroline Ellison, the former CEO of FTX’s sister trading firm Alameda Research.

According to a Bloomberg report, both parties are seeking to prepare the jury for Ellison’s testimony, as she is considered one of the few people who know the truth about SBF due to her on-and-off romantic relationship with him.

SBF and Ellison’s History

The 28-year-old former Alameda CEO first met SBF at Wall Street trading firm Jane Street Capital. While Ellison was a Stanford-educated mathematician who did not stand out at the firm, she left with SBF to start Alameda in 2017.

Ellison first assumed the role of a low-profile trader at Alameda before rising to co-CEO with Sam Trabucco, SBF’s friend from high-school math camp, in 2021. She later became the sole CEO when Trabucco left the trading firm a year later.

Amid these developments, she had an unstable relationship with SBF, breaking and making up with him many times until early 2022. People who knew her said she seemed to live in her ex-boyfriend’s shadow while they were together.

When all hell let loose in November, Ellison tearfully informed Alameda employees while sitting on the trading room carpet that the firm had misappropriated billions of FTX customer deposits and SBF’s empire was on the verge of crashing.

After FTX filed for bankruptcy and investigations began, Ellison pleaded guilty and signed a cooperation agreement with authorities and since then has pointed to every piece of evidence relevant to the case while SBF insists that he is not guilty of all charges brought against him.

One of the Few Who Know the Tru