This week in crypto was dominated by new witness testimonies that shed light on the events leading up to and surrounding the FTX collapse. Revelations around the alleged fraudulent balance sheets former Alameda Research (Alameda) CEO Caroline Ellison prepared at the request of Sam Bankman-Fried (SBF), as well as allusions to fabricated FTX insurance, have put SBF’s defense on high alert.

Slightly hotter-than-expected Producer (PPI) and Consumer Price (CPI) Indices and expected energy pressures from the Israel-Hamas war mean that economists expect, at most, one more interest rate hike from the Federal Reserve (Fed). This data, coupled with the US cancellation of student debt and the expected drop in Bitcoin (BTC)hashrate after the halving, could make Bitcoin more lucrative for investors and efficient miners.

How SBF Allegedly Cooked Alameda’s Books

Undoubtedly, this week’s biggest attention-grabber in the crypto space was the ongoing criminal trial of disgraced FTX founder Sam Bankman-Fried. Star witnesses shone a light on FTX’s business practices that, on the surface, could dent Bankman-Fried’s hopes of absolution.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

In her testimony, the former CEO of FTX’s market maker Alameda Research, Caroline Ellison, claimed Bankman-Fried asked her to prepare balance sheets for creditors that painted a fake picture of Alameda’s financial condition. Ellison also exposed an internal business communication in which Bankman-Fried revealed that lawmakers had promised him more investigations into Binance.

Ellison suggested that by inciting a probe into Binance, Bankman-Fried hoped to increase FTX’s market share. Bankman-Fried’s lawyers, who are defending their client from allegations he stole customer’s money to fund reckless spending on Alameda, are arguing that he acted according to FTX’s terms and conditions without breaking any laws.

Random FTX Insurance Numbers

Earlier in the week, FTX’s former Chief Technology Officer, Gary Wang,
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Author: David Thomas

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