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Bankman-Fried’s girlfriend and Alameda’s ex-CEO took the stand on the second week of the trial, revealing that SBF used customer funds for political lobbying. The second week of FTX founder Sam Bankman-Fried’s trial kicked off at 10 a.m. New York time today, as the defendant’s ex-girlfriend and former Alameda CEO,
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Last week, during the first days of a trial that could extend six weeks, there was much rejoicing over the fact that SBF’s high-paid lawyers made an embarrassing initial showing. According to some estimates, District Judge Lewis Kaplan, a former prosecutor who is overseeing SBF’s case, rebutted 60% of attorney
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Former FTX CEO Sam “SBF” Bankman-Fried had ambitions to become the President of the United States, according to his former girlfriend and business associate Caroline Ellison.Appearing in court on Oct. 10 to testify against Bankman-Fried, Ellison reportedly said the former FTX CEO wanted to be the U.S. President in the
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Former FTX CEO Sam “SBF” Bankman-Fried watched from the defense table as his former business associate and girlfriend Caroline Ellison testified at his criminal trial.According to reports from the courtroom on Oct. 10, Ellison admitted to fraud during her time at Alameda at Bankman-Fried’s direction. The former Alameda CEO reportedly
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Gary Wang – who’s previously pleaded guilty to similar charges to what Bankman-Fried faces – testified that Bankman-Fried directed him to write code allowing Alameda Research to have a negative balance on FTX as far back as July 2019.Ultimately Alameda took and spent at least $8 billion of FTX customers’
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FTX co-founder and former Chief Technology Officer Gary Wang began testifying in earnest last Friday in Sam Bankman-Fried’s trial. Later on Tuesday, Caroline Ellison is expected to take the stand. Source
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Cardano founder Charles Hoskinson has likened former FTX CEO Sam “SBF” Bankman-Fried to infamous American fraudster Bernie Madoff and accused the media of giving the former FTX CEO a “free pass.”Bernard Lawrence Madoff was the mastermind behind the largest known Ponzi scam in history, estimated to be worth $64.8 billion. At
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Wang’s “understanding that these were actual loans – structured by lawyers and memorialized in formal promissory notes that imposed real interest payment obligations – is relevant to rebut the inference that these were simply sham loans directed by Mr. Bankman-Fried to conceal the source of the funds,” the filing said. Source
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Executives scrambled to move over $1 billion worth of various assets to different storage devices as the exchange was getting drained of funds, ultimately managing to save the majority of the money. This means a majority of the exchange’s entire balance was at risk of getting stolen, as per the
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Ellison was far from an unwitting front-person during her time at Alameda, said Mark Cohen, Bankman-Fried’s lead attorney, in his opening argument in defense of Bankman-Fried. Instead, she was firmly in control of the reins at the trading fund – and her poor leadership, according to Bankman-Fried’s lawyers, is what
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