Sam Bankman-Fried's trial to resume with more testimony from Caroline Ellison
© Reuters. FILE PHOTO: Former crypto hedge fund Alameda Research CEO Caroline Ellison finds and points out Sam Bankman-Fried during Bankman-Fried's fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S.
Ellison said the hedge fund took about $10 billion in FTX customer funds to repay its debts and make investments. The fund gained the money through a $65 billion line of credit it had on the exchange, and from funds FTX customers deposited into an Alameda bank account when FTX lacked its own account, she said.
Prosecutors say Bankman-Fried plundered billions in customer funds to prop up Alameda, buy real estate and donate more than $100 million to U.S. political campaigns before FTX declared bankruptcy in November 2022 following a collapse that shocked financial markets and left his reputation in tatters.
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