Article6 months ago

Former Alameda Research CEO Testifies Against Founder Sam Bankman-Fried in FTX Fraud Trial

Former Alameda Research CEO Testifies Against Founder Sam Bankman-Fried in FTX Fraud Trial
Summary
  • Caroline Ellison, former CEO of Alameda Research, testified against SBF in the FTX fraud trial.
  • Ellison described SBF as a "utilitarian" who prioritized the greatest good for the greatest number of people, often disregarding basic moral rules.
  • SBF allegedly created an environment where people felt comfortable engaging in unethical behavior.
  • Ellison mentioned SBF's efforts to sell a stake in FTX to the Saudi Arabian Crown Prince and called for strict actions against rival crypto exchange Binance.
  • Ellison also revealed a significant bribe paid to Chinese officials by FTX and Alameda executives to unlock funds held in Chinese exchanges.
  • The trial uncovered SBF's inclination to borrow substantial sums of money to support Alameda Research's operations and the use of FTX's native token, FTT, as collateral for loans.
  • The prosecution alleges that SBF misappropriated billions of customer funds to support his companies, purchase real estate, and make significant political donations.

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