Former FTX CEO Sam “SBF” Bankman-Fried is currently on trial for fraud, and his former business associate and girlfriend, Caroline Ellison, recently testified against him. Ellison admitted to fraud during her time at Alameda under Bankman-Fried’s direction, claiming that he set up the systems that allowed Alameda to take roughly $14 billion from FTX user funds. She also stated that she sent balance sheets that made Alameda appear less risky than it actually was. Ellison and Bankman-Fried met while working at Jane Street Capital, and their relationship is a central issue in the allegations against him. Bankman-Fried is accused of directing Alameda to access FTX user funds without consent and using them for personal purchases and political donations. FTX co-founder Gary Wang also testified, claiming that he committed crimes with Ellison and another former employee. Bankman-Fried’s defense team attempted to shift some of the blame onto Ellison during cross-examination. Ellison and Wang have pleaded guilty as part of an agreement with U.S. authorities. It is unclear whether Bankman-Fried will take the stand in his defense. This trial marks the fifth day of proceedings, and Bankman-Fried is expected to face a second trial in March 2024.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	0
People	Caroline Ellison, Nishad Singh, Gary Wang, Sam Bankman-Fried
Companies	FTX, Alameda Research, U.S. authorities, Alameda, Jane Street Capital
Currencies	None Trading
Securities	None