The trial of former FTX CEO, Sam Bankman-Fried, resumed on October 10, with his ex-girlfriend and Alameda Research’s former CEO, Caroline Ellison, testifying against him. Ellison confirmed their on-and-off relationship and provided key insights into Bankman-Fried’s alleged misappropriation of FTX customers’ funds through Alameda. She admitted to committing fraud alongside the defendant and stated that he directed her to do so. Ellison also revealed that Alameda took billions of dollars from FTX customers for investments and manipulated balance sheets to appear risky to lenders. The prosecution alleged that Bankman-Fried diverted customers’ fiat deposits to an Alameda-linked bank account, which Ellison confirmed. She stated that FTX received between $10-20 billion in deposits, with some used for loan repayments and stablecoin conversions. Bankman-Fried’s defense has tried to distance him from Alameda’s operations, but Ellison testified that he remained involved and had the power to fire her. Ellison’s testimony is crucial in proving the wire fraud charges brought against Bankman-Fried.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	negative
Relevance Score	0
People	Caroline Ellison, Sam Trabucco, Sam Bankman-Fried
Companies	USDC, None, FTX, Alameda Research
Currencies	USDC
Securities	None