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 committing fraud at Alameda under Bankman-Fried’s direction, claiming that he “set up the systems” that allowed Alameda to take around $14 billion from FTX user funds. She also stated that she sent balance sheets that misrepresented the riskiness of Alameda’s investments. 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 the money for personal purchases and political donations. FTX co-founder Gary Wang also testified, claiming that he and Ellison committed crimes together. 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 facing seven charges related to fraud. He has pleaded not guilty and 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	Bitcoin
Securities	None