Over two days on the stand, Ellison testified that Alameda Research took $10-billion in FTX customer funds to repay its debts and make investments
Sam Bankman-Fried’s confidant Caroline Ellison took the stand again at the FTX founder’s trial on Thursday, where she could face questions about why she cooperated with prosecutors against her former boss and romantic partner.
Over two days on the stand, Ellison, who took the reins at Alameda in 2021, testified that the hedge fund took $10-billion in FTX customer funds to repay its debts and make investments. Bankman-Fried’s attorney Mark Cohen began by asking Ellison about the internal account FTX used to denote customer funds deposited into Alameda bank accounts. Before his arrest, Bankman-Fried blamed the shortfall on poor internal labeling of the account, called “[email protected].”
Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy, and has said that while he made mistakes running FTX, he never intended to steal funds.
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