The sixth day of the trial of FTX founder Sam Bankman-Fried (SBF) revealed new details about his ambitions and the events leading up to the collapse of FTX. Caroline Ellison, the CEO of Alameda Research, testified and provided insights into the situation. She discussed an $800 million trading loss incurred by FTX in 2021 and how SBF wanted Alameda to absorb the loss to keep it off FTX’s records. Messages between Ellison and SBF were presented in court, showing increasing concern about FTX’s impending collapse.Ellison also disclosed that the Chinese government froze $1 billion of Alameda’s funds in a money laundering investigation. In an attempt to retrieve the funds, SBF allegedly used accounts created under the identities of Thai sex workers. Ellison further made a controversial claim that SBF transferred millions of dollars to crypto addresses linked to Chinese officials, which she labeled as a bribe. However, the judge ordered this comment to be removed from the official record.During the testimony, Ellison mentioned SBF’s plans to acquire BlockFi and secure funds from Snapchat and Saudi Crown Prince Mohammed Bin Salman. However, none of these plans materialized before FTX collapsed. The testimony also shed light on SBF’s strained relationship with Binance and his intention to pit U.S. regulators against the rival exchange to strengthen FTX’s position in the crypto market.Judge Kaplan ruled on specific aspects of the case outside the main trial, expressing concerns about discussing inadequate cryptocurrency regulations in the U.S. to avoid confusing the jury. He also restricted the defense from discussing SBF’s actions. The trial continues as both sides present their arguments strategically.
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 | Asia |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 0 |
| People | None |
| Companies | Binance, FTX, Alameda Research |
| Currencies | None |
| Securities | None |
