Caroline Ellison, the star witness in the fraud trial of Sam Bankman-Fried, testified this week that the 31-year-old former billionaire, her onetime boss and boyfriend, directed her to commit crimes including fraud.
Former crypto hedge fund Alameda Research CEO Caroline Ellison arrives for 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, U.S., October 10, 2023 in this still image from video. Reuters TV via REUTERS, testified this week that the 31-year-old former billionaire, her onetime boss and boyfriend, directed her to commit crimes including fraud.
Ellison said Bankman-Fried asked her to falsify Alameda's financial statements to keep lenders at bay amid a downturn in cryptocurrency markets in 2022. The crypto mogul initially drove a company-owned luxury car in the Bahamas but traded it in for a Toyota Corolla.Bankman-Fried grew preoccupied with a rivalry with the crypto exchange Binance, which he thought would "mess with FTX," leading him to borrow $1 billion in FTX customer funds to buy back Binance's stake in FTX in 2021, Ellison said.
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