Cryptocurrency

United

Solana

Gary

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 <p class="paragraph">Amid the trial of Sam Bankman-Fried over the collapse of FTX, a cryptocurrency trading platform he used to run, the <a rel="noopener noreferrer nofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> is hearing testimonies of his closest associates, including Caroline Ellison, the former CEO of hedge fund firm Alameda Research, and FTX co-founder Gary Wang.</p>
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 <p class="paragraph">As it happens, Ellison’s is one of the most important testimonies in this case due to her role in the entire scheme and her romantic involvement with Bankman-Fried, and on the first day of her testimony, she made some rather damning statements, according to <a rel="noopener noreferrer nofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a>room reports on October 10.</p>
 <h2 class="wp-block-heading" id="h-sbf-pulling-the-strings">SBF pulling the strings</h2>
 <p class="paragraph">Indeed, she said that Bankman-Fried directed her to commit the crimes, specifically the seven felony counts for which she had pleaded guilty in December, as well as claiming that he was the primary decision-maker within the FTX infrastructure.</p>
 <p class="paragraph">According to Ellison, the former FTX CEO was entirely aware that Alameda was taking FTX customer money, totaling “ultimately around $14 billion,” and had a virtually limitless credit line on the crypto exchange until the money was no more in November 2022 as the company had to repay its lenders.&nbsp;</p>
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 <p class="paragraph">As she explained:</p>
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  <p class="paragraph">“Alameda took several billions of dollars from FTX customers and used it for investments. (…) He set up the systems and told us to take the money. (…) I sent balance sheets that made Alameda look less risky than it was.”</p>
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 <h2 class="wp-block-heading" id="h-great-ambitions">Great ambitions</h2>
 <p class="paragraph">On top of that, Ellison provided details about what Bankman-Fried wanted out of the FTX empire and his personal ambitions, including becoming the President of the United States one day. As a reminder, the ex-FTX CEO has allegedly used user funds for donations to campaigns on both sides of the US political spectrum.</p>
 <p class="paragraph">Right before Ellison, the jurors heard the cross-examination of Wang, whose testimony began on October 5 and who admitted to having committed crimes in conspiracy with Bankman-Fried, Ellison, and former engineering director Nishad Singh, for which he had pleaded guilty earlier.</p>
 <p class="paragraph">Meanwhile, the price of FTX’s token, FTT, at press time stood at $1.025, recording a decline of 3.98% on the day, as well as losing 14.83% to its value across the previous week and dropping 0.75% in the last month, as per the latest data on October 11.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-court-case-update-as-of-october-11-2023-tbt65916.html">https://thebittimes.com/ftx-court-case-update-as-of-october-11-2023-tbt65916.html</a></p>

FTX court case update as of October 11, 2023

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