Caroline Ellison has been testifying in Bankman-Fried's fraud trial.
Former crypto hedge fund Alameda Research CEO Caroline Ellison departs the trial of former FTX Chief Executive Sam Bankman-Fried who is facing fraud charges over the collapse of the bankrupt cryptocurrency exchange, at Federal Court in New York City, Oct. 10, 2023.
"We had a lot of risk on and we owed a lot of money to FTX customers," Ellison said. "We had no way to repay it." To shore up Alameda's precarious financial position Bankman-Fried told Ellison to repay Alameda's loans with money it borrowed surreptitiously from FTX customers, she testified Wednesday."How?" prosecutor Danielle Sassoon asked.
"We had been borrowing increasing amounts of money from FTX customers and I didn't want Genesis to know that," Ellison said. "I didn't want Genesis or others to know that Alameda was borrowing a lot of money from FTX."Ellison said Bankman-Fried cautioned her against putting anything in writing, once telling her, "Anything we put on Slack should be something we're comfortable seeing in The New York Times.
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