Disgraced crypto executive Sam Bankman-Fried thought there was a '5% chance he would become president,' his ex-girlfriend testified Tuesday.
Aaron KaterskyDisgraced crypto executive Sam Bankman-Fried thought there was a "5% chance he would become president," his ex-girlfriend testified TuesdayCaroline Ellison, one of the government's star witnesses, said she and the 31-year-old Bankman-Fried "started sleeping together on and off" in 2018 and dated in subsequent years.
"He said that FTX would be a good source of capital and he set up the system that allowed Alameda to borrow from FTX," Ellison said. Bankman-Fried wanted to put some distance between himself and Alameda because some FTX customers expressed concern FTX and Alameda's relationship was too close, Ellison said.
As co-CEO, Ellison made an annual salary of $200,000 with bonuses twice a year ranging from $100,000 to $20 billion. She was never given an equity stake in Alameda despite asking for it, she said. FTX marketed itself as a safe, reliable cryptocurrency exchange, but Ellison testified it was not because transferring all that money to Alameda "meant those assets were at risk."
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