Caroline Ellison testifies on the FTX crypto exchange case
The post Caroline Ellison testifies on the FTX crypto exchange case appeared on BitcoinEthereumNews.com. A few days ago she took the stand in the case against Sam Bankman-Fried (SBF) of the failed crypto exchange, the so-called insider par excellence: Caroline Ellison. However, her words could complicate SBF’s defence, as even her admittedly illegal actions were the execution of orders given by the founder of FTX and Alameda Research. Carolina Ellison and her testimony in the case against SBF of the FTX crypto exchange This week in the case against Sam Bankman-Fried (SBF), the founder of the collapsed crypto exchange FTX, the nickname “insider par excellence” took the witness stand: Carolina Ellison. It has emerged that Ellison, CEO of Alameda at the time of the collapse, had been dating Bankman-Fried on and off for two years. So there was a kind of sentimental partnership between the two. After admitting his guilt, Ellison decided to cooperate with the prosecution for almost a year in the hope of receiving a lighter sentence than the maximum 110 years in prison. In practice, Ellison is said to have told the jury that the financial documents she prepared were “dishonest” and designed to hide Alameda’s financial instability. In one instance, she prepared seven “alternative” financial statements to present to a lender who had requested financial information. Not only that, but she also lent credence to another statement by FTX executive Gary Wang, who claimed that Alameda had a secret and virtually unlimited line of credit to tap into FTX customers’ funds. For all his illegal and criminal actions, Ellison insisted that he was merely carrying out orders dictated by the founder of both FTX and Alameda, SBF. In practice, Ellison claimed that all decisions were made by the defendant. Carolina Ellison complicates SBF’s defence of collapsed crypto exchange FTX Sam Bankman-Fried is alleged to be the founder and majority owner…
The post Caroline Ellison testifies on the FTX crypto exchange case appeared on BitcoinEthereumNews.com.
A few days ago she took the stand in the case against Sam Bankman-Fried (SBF) of the failed crypto exchange, the so-called insider par excellence: Caroline Ellison. However, her words could complicate SBF’s defence, as even her admittedly illegal actions were the execution of orders given by the founder of FTX and Alameda Research. Carolina Ellison and her testimony in the case against SBF of the FTX crypto exchange This week in the case against Sam Bankman-Fried (SBF), the founder of the collapsed crypto exchange FTX, the nickname “insider par excellence” took the witness stand: Carolina Ellison. It has emerged that Ellison, CEO of Alameda at the time of the collapse, had been dating Bankman-Fried on and off for two years. So there was a kind of sentimental partnership between the two. After admitting his guilt, Ellison decided to cooperate with the prosecution for almost a year in the hope of receiving a lighter sentence than the maximum 110 years in prison. In practice, Ellison is said to have told the jury that the financial documents she prepared were “dishonest” and designed to hide Alameda’s financial instability. In one instance, she prepared seven “alternative” financial statements to present to a lender who had requested financial information. Not only that, but she also lent credence to another statement by FTX executive Gary Wang, who claimed that Alameda had a secret and virtually unlimited line of credit to tap into FTX customers’ funds. For all his illegal and criminal actions, Ellison insisted that he was merely carrying out orders dictated by the founder of both FTX and Alameda, SBF. In practice, Ellison claimed that all decisions were made by the defendant. Carolina Ellison complicates SBF’s defence of collapsed crypto exchange FTX Sam Bankman-Fried is alleged to be the founder and majority owner…
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