NEW YORK, Oct 11 ― Caroline Ellison, the former chief executive officer of Sam Bankman-Fried's hedge fund, testified yesterday that the former crypto mogul directed her...
Trial: Bank Negara analyst stands by 1MDB’s US$20m trail to Najib even without Prince Faisal’s Saudi bank statement
Ellison said the hedge fund, Alameda Research, took about US$10 billion in FTX customer funds to repay its debts and make investments. The fund gained the money through a US$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.
Prosecutors say Bankman-Fried plundered billions in customer funds to prop up Alameda, buy real estate and donate more than US$100 million to US political campaigns before FTX declared bankruptcy in November 2022 following a collapse that shocked financial markets and left his reputation in tatters. Gary Wang, FTX's former technology chief, testified that Bankman-Fried falsely tweeted that FTX was “fine” in November as the exchange faced surging demand for withdrawals. A third cooperating witness, former FTX engineering chief Nishad Singh, is also expected to testify at the trial, which could last up to six weeks.Ellison said Alameda first used its FTX line of credit in the summer of 2021, when Bankman-Fried wanted to buy back an equity stake held by rival exchange Binance in FTX.
Binance did not immediately respond to a request for comment. Bankman-Fried said Binance offered to take over FTX as it was collapsing in November 2022, but later backed out of the deal.
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