Marley Jay is a business news reporter for NBC News Digital.
Caroline Ellison, the star witness in the prosecution of former FTX co-founder Sam Bankman-Fried, is in court in New York and is expected to take the stand Tuesday. Ellison was the co-CEO of Alameda Research, the crypto trading firm that was affiliated with the FTX exchange. She's also Bankman-Fried's ex-girlfriend. She is testifying shortly after FTX co-founder Gary Wang, also a witness for the prosecution.
The Securities and Exchange Commission said in December that, at Bankman-Fried's direction, Ellison manipulated the price of a digital token that FTX had issued, and then used it as collateral for undisclosed loans that Alameda took from FTX. That means Alameda, the trading firm, was secretly using the money of FTX customers to cover losses it had sustained.
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