In a shocking turn of events, revelations have emerged during the trial of Sam Bankman-Fried, founder of FTX, regarding an alleged conspiracy to manipulate Bitcoin prices. Bankman-Fried’s ex-girlfriend and former head of Alameda Research, Caroline Ellison, testified about damning conversations and documents that shed light on potential market manipulation. One conversation note revealed Ellison’s instruction to “keep selling BTC if it’s over $20K,” suggesting a deliberate effort to suppress Bitcoin prices. Ellison also disclosed concerning practices within the FTX ecosystem, including the borrowing of $13 billion from FTX customers by Alameda Research. Additionally, Ellison highlighted conversations about Genesis, a retail lending platform, facing potential insolvency and requesting $500 million from FTX. Despite concerns about the transaction’s honesty, Bankman-Fried allegedly instructed Ellison to send the funds. These revelations raise significant concerns about market fairness and investor trust. As the trial continues, the cryptocurrency community and market observers await further revelations and potential repercussions for Bankman-Fried, Ellison, and FTX. Meanwhile, the Bitcoin price has fallen below the $27,000 level, continuing its downward trajectory.

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Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	1
People	Caroline Ellison, Sam Bankman-Fried
Companies	MSB, Genesis, FTX, Alameda Research
Currencies	Bitcoin
Securities	None