Caroline Ellison, a former top deputy to FTX founder Sam Bankman-Fried (SBF), concluded her testimony on the seventh day of the SBF trial. Her detailed account shed light on her complex relationship with SBF, both personally and professionally. While her testimony did not bring any significant breakthroughs for SBF’s defense, it provided insights into the dynamics between Ellison and SBF after their personal relationship ended. The courtroom experienced interruptions and sidebar discussions, leading Judge Lewis Kaplan to reprimand both sides and emphasize the need for a streamlined process.Following Ellison’s testimony, Christian Drappi, a former software engineer at Alameda, took the stand. Drappi revealed his shock upon discovering the misuse of FTX customer funds at Alameda. Audio clips from an all-hands meeting, held by Ellison on November 9, were presented as evidence. In the meeting, Ellison disclosed that Alameda had misused billions of dollars in FTX customer funds for high-risk venture investments and loan repayments. This revelation occurred just days before Alameda’s collapse and the subsequent bankruptcy filings for FTX and related companies. Drappi resigned within a day of the meeting due to his astonishment at the revelations.Zac Prince, the founder of BlockFi, also testified during the day, providing further information relevant to the case. Prince revealed that BlockFi had extensive dealings with Alameda and had made significant loans to the now-bankrupt company, amounting to hundreds of millions of dollars. He also mentioned that BlockFi held substantial amounts of cryptocurrency on the FTX platform due to its relationship with Alameda.As the day’s proceedings came to a close, the trial had taken the public on a roller-coaster ride, uncovering the secret financial dealings of a crypto giant and revealing intimate personal revelations of its key players. The testimonies and evidence presented on this day are expected to have lasting implications as the trial progresses.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Mark Cohen, Zac Prince, Caroline Ellison, Sam Bankman-Fried, Christian Drappi |
| Companies | FTX, Alameda, BlockFi, Genesis Global Capital |
| Currencies | None |
| Securities | None |
