The evidence Alameda CEO Caroline Ellison’s testimony produced suggested she didn’t make many moves without consulting Sam Bankman-Fried.
Sam Bankman-Fried wasn’t just a crypto wunderkind, he was an ambassador for improving the world through effective altruism. And if you were wondering how he squared those values with all the lying he allegedly did during his time at FTX, wonder no more: the answer is utilitarianism. Lying and stealing were permitted, as “the only moral rule that mattered would be maximal utility,” Caroline Ellison testified on her second day at Bankman-Fried’s fraud trial.
Some of the money that Alameda had borrowed from FTX was put in long-term loans — a second lie on top of the first, since customers could withdraw at any time. The balance sheet Bankman-Fried chose made Alameda look less risky than it really was and hid the FTX funds, Ellison testified. She sent the balance sheet to a contact at Genesis, the crypto lender, the next day. That person replied that he’d “just caught up with Sam btw” and suggested that they stay “in tight contact this week.
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