SBF's ongoing trial continues to reveal surprising facts. Caroline Ellison, a key figure in the case, was put under the spotlight to provide insight into the inner workings of the company.
During his testimony, Ellison revealed that his to-do list included an intriguing task: “Get regulators to bring down Binance.”
Ellison also admitted to negotiating a staggering $10 billion in debt. When asked about the source of these funds, FTX explained that they came from its customers. This led to a heated argument with Sam, who accused Ellison. “Sam was screaming that it was my fault,” Ellison said, adding that the confrontation left him in tears.
However, Ellison pointed out that it was Sam's investments that put them in this dangerous situation. He also mentioned a list titled “Things Sam is crazy about” that he updates frequently. The list also included raising funds from Saudi Prince MBS and inciting regulators against Binance.
At one point, Sam had ambitious plans to buy Snapchat and trade Japanese government bonds.
Changpeng Zhao, CEO of Binance, the cryptocurrency exchange that Ellison stated in his statement that he was trying to collapse, responded to the development with a laugh, saying “we are still our fans” via X. He also shared some quotes from Jack Ma and Henry Ford, emphasizing the importance of focusing on customers and developing his own business rather than worrying about competitors. “The truth always comes out with time,” he added.
*This is not investment advice.