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, Oct 10, 2023, in this courtroom sketch.
Earlier on Wednesday, Ellison testified that Bankman-Fried directed her to falsify Alameda's balance sheets to keep lenders at bay amid a downturn in cryptocurrency markets in 2022. Balance sheets sent to crypto lenders including Genesis Global Capital concealed that Alameda had borrowed around US$10 billion in FTX customer funds, she said.
Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy, and has argued that while he made mistakes running FTX, he never intended to steal funds.
Source: Law Daily Report (lawdailyreport.net)
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