Ellison, the former co-chief executive of Bankman-Fried's crypto hedge fund Alameda Research, has been on the stand since Tuesday detailing her role in a multibillion-dollar fraud prosecutors say was orchestrated by Bankman-Fried at his now-defunct cryptocurrency exchange.
Ellison said through tears that she lived in"dread" the truth would come out, and that FTX's ultimate collapse last year brought an"overwhelming feeling of relief." Prosecutors say Bankman-Fried, 31, plundered billions in customer funds to prop up Alameda, buy real estate and donate more than $100 million to U.S. political campaigns. FTX collapsed and declared bankruptcy in November 2022, shocking financial markets and destroying Bankman-Fried's reputation.
Ellison, a 28-year-old Stanford University graduate, is one of three former members of Bankman-Fried's inner circle who have pleaded guilty to fraud charges and agreed to cooperate with the Manhattan U.S. Attorney's office.
Source: Law Daily Report (lawdailyreport.net)
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