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    <p><a rel="noopener noreferrer nofollow" title="Caroline Ellison" href="https://thebittimes.com/tag/caroline-ellison.html">Caroline Ellison</a>’s bombshell testimony against her former boss and former romantic partner <a rel="noopener noreferrer nofollow" title="Sam Bankman-Fried" href="https://thebittimes.com/tag/sam-bankman-fried.html">Sam Bankman-Fried</a> revealed that FTX and Alameda Research concocted a plan to use identities of ‘Thai prostitutes’ in a scheme to gain access to approximately $1 billion in frozen cryptocurrency on OKEx.&nbsp;</p>
    <p>Ellison alleged that Ryan Salame, former CEO of FTX Digital Markets, told her about the source of the identity documents for these accounts.&nbsp;</p>
    <p>Alameda Research was unable to withdraw from OKEx but was still able to trade, so it concocted a scheme where it would intentionally enter into losing trades with the accounts created using false identities that were under FTX control, and then utilize these accounts to withdraw the <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a>.</p>
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       <p lang="en" dir="ltr">Alameda Research used the identities of "Thai Prostitutes" in a bid to extract frozen <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a> from the Chinese exchange OKex, according to testimony from <a rel="noopener noreferrer nofollow" title="Caroline Ellison" href="https://thebittimes.com/tag/caroline-ellison.html">Caroline Ellison</a> this morning.</p>— Protos (@Protos) October 11, 2023
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    <p>When this plan was unsuccessful, Ellison testified that they turned to bribery, eventually paying close to $100 million in crypto to Chinese officials in order to get the assets unfrozen.&nbsp;</p>
    <p>Ellison also testified that while the executives were discussing these payments, they also discussed the “Foreign Corrupt Practices Act,” and their financial documents included a notation for “negative $150 million from the thing,” where ‘the thing’ in question was apparently bribery.&nbsp;</p>
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       <p lang="en" dir="ltr">Ellison: There was talk about the FCPA<br>AUSA: What's that?<br>SBF's lawyer Cohen: Objection!<br>Judge Kaplan: FCPA is not charged here. <br>Ellison: It's the Foreign Corrupt Practices Act</p>— Inner City Press (@innercitypress) October 11, 2023
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    <p><em>Read more: <a rel="noopener noreferrer nofollow" title="Caroline Ellison" href="https://thebittimes.com/tag/caroline-ellison.html">Caroline Ellison</a> delivers the financial smut we’ve been waiting for</em></p>
    <p>Bankman-Fried, the former CEO of FTX and majority owner of Alameda Research, was previously indicted for a conspiracy charge related to a bribery scheme where Bankman-Fried allegedly directed $40 million in cryptocurrency to Chinese officials.&nbsp;</p>
    <p>The discrepancy in value may come from a fall in the cryptocurrency markets, as Bitcoin fell from approximately $60,000 when the bribe was directed in November 2021 to approximately $27,000 when these charges were initially filed.</p>
    <p>These charges were eventually removed from this trial and scheduled for March as a result of treaty obligations to the Bahamas surrounding the extradition of Bankman-Fried.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sam-bankman-fried-used-prostitutes-in-bid-to-unfreeze-funds-says-caroline-ellison-tbt66096.html">https://thebittimes.com/sam-bankman-fried-used-prostitutes-in-bid-to-unfreeze-funds-says-caroline-ellison-tbt66096.html</a></p>

Sam Bankman-Fried used prostitutes in bid to unfreeze funds, says Caroline Ellison

TheBitTimes

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