Caroline Ellison, the previous Chief Govt Officer
of Sam Bankman-Fried (SBF)’s crypto hedge fund Alameda Analysis, took the stand in the present day (Wednesday) to
testify towards him for the second day. Her
testimony revealed facets of SBF’s character, who faces allegations of fraud
associated to the collapse of FTX.
In a report by Reuters, Ellison described SBF as a
“utilitarian” who believed that the one ethical rule that mattered was
doing the best good for the best variety of folks. She additional acknowledged
that he did not assume primary guidelines like “do not lie” or “do not
steal” match into his utilitarian framework. This attitude allegedly created
an surroundings the place folks round him felt comfy doing what they knew
was ethically incorrect.
Ellison’s testimony additionally delved into SBF’s
efforts to assist his firms throughout difficult instances. She claimed that he
instructed promoting a stake in FTX to Saudi Arabian Crown Prince Mohammed bin
Salman and known as for regulators to take strict actions towards the rival
crypto alternate , Binance. Whereas Ellison talked about that regulators had assured
such motion, particular particulars stay scarce.
A key witness within the FTX fraud trial, Caroline Ellison, the previous CEO of Sam Bankman-Fried’s hedge fund, Alameda Analysis, testified towards him at a New York Metropolis court docket https://t.co/Crb4Vts4hA pic.twitter.com/tG7oSKIOZ6
— Reuters Enterprise (@ReutersBiz) October 11, 2023
Moreover, Ellison instructed the jury a couple of
important bribe paid to Chinese language officers by a gaggle of FTX and Alameda
executives, Coindesk reported. This was completed to safe funds that had been
locked in Chinese language exchanges. Though the alleged bribery has raised important
moral and authorized issues, SBF has not been charged in relation to those
allegations.
Decide Denies SBF’s Protection Requests
Because the trial unfolded, Decide Lewis Kaplan denied
a number of requests from SBF’s protection staff. The protection sought to lift points
associated to the dearth of crypto-specific rules within the US, potential
recoveries from the FTX chapter , and SBF’s donations.
In her first look in court docket, Ellison painted an image of SBF’s inclination towards borrowing
substantial sums of cash to assist Alameda Analysis’s operations. She
detailed how he directed her and others to safe giant loans to finance the
dealings of the hedge fund. The trial additional unveiled the complexities of
utilizing FTX’s native token, FTT, as collateral for the loans.
The prosecution’s case towards SBF facilities round
the allegation that he misappropriated billions of buyer funds to assist
his firms (together with Alameda Analysis), purchase actual property, and donate extra
than $100 million to US political campaigns.
Caroline Ellison, the previous Chief Govt Officer
of Sam Bankman-Fried (SBF)’s crypto hedge fund Alameda Analysis, took the stand in the present day (Wednesday) to
testify towards him for the second day. Her
testimony revealed facets of SBF’s character, who faces allegations of fraud
associated to the collapse of FTX.
In a report by Reuters, Ellison described SBF as a
“utilitarian” who believed that the one ethical rule that mattered was
doing the best good for the best variety of folks. She additional acknowledged
that he did not assume primary guidelines like “do not lie” or “do not
steal” match into his utilitarian framework. This attitude allegedly created
an surroundings the place folks round him felt comfy doing what they knew
was ethically incorrect.
Ellison’s testimony additionally delved into SBF’s
efforts to assist his firms throughout difficult instances. She claimed that he
instructed promoting a stake in FTX to Saudi Arabian Crown Prince Mohammed bin
Salman and known as for regulators to take strict actions towards the rival
crypto alternate , Binance. Whereas Ellison talked about that regulators had assured
such motion, particular particulars stay scarce.
A key witness within the FTX fraud trial, Caroline Ellison, the previous CEO of Sam Bankman-Fried’s hedge fund, Alameda Analysis, testified towards him at a New York Metropolis court docket https://t.co/Crb4Vts4hA pic.twitter.com/tG7oSKIOZ6
— Reuters Enterprise (@ReutersBiz) October 11, 2023
Moreover, Ellison instructed the jury a couple of
important bribe paid to Chinese language officers by a gaggle of FTX and Alameda
executives, Coindesk reported. This was completed to safe funds that had been
locked in Chinese language exchanges. Though the alleged bribery has raised important
moral and authorized issues, SBF has not been charged in relation to those
allegations.
Decide Denies SBF’s Protection Requests
Because the trial unfolded, Decide Lewis Kaplan denied
a number of requests from SBF’s protection staff. The protection sought to lift points
associated to the dearth of crypto-specific rules within the US, potential
recoveries from the FTX chapter , and SBF’s donations.
In her first look in court docket, Ellison painted an image of SBF’s inclination towards borrowing
substantial sums of cash to assist Alameda Analysis’s operations. She
detailed how he directed her and others to safe giant loans to finance the
dealings of the hedge fund. The trial additional unveiled the complexities of
utilizing FTX’s native token, FTT, as collateral for the loans.
The prosecution’s case towards SBF facilities round
the allegation that he misappropriated billions of buyer funds to assist
his firms (together with Alameda Analysis), purchase actual property, and donate extra
than $100 million to US political campaigns.