FTX, which suddenly went bankrupt in November 2022, caused sharp declines in Bitcoin and altcoin prices.
While the trial of FTX founder Sam Bankman Fried, who has been detained since then, continues, people connected to FTX and its subsidiary Alameda Research are being heard at the hearing.
One of those who testified at the hearing was former Alameda Research CEO Caroline Ellison.
Caroline Ellison, who testified, stated that her former boss, SBF, told her to commit the crime.
At this point, while Ellison admitted that he committed fraud as the CEO of Alameda Research, he said that these instructions were given to him by SBF and that he did not commit these frauds on his own initiative.
The highlights of Ellison's statement are as follows:
“I carried out the transactions in accordance with the instructions of the SBF.
At this point, Alameda received several billion dollars from FTX customers and used it for investments.
I also sent balance sheets that made Alemeda look less risky than it was.
Alemeda had an unlimited credit line and through that line we had access to customer deposits.”
It was stated that Ellison's testimony will continue after the court's break ends.
As you may remember, Caroline Ellison admitted seven fraud charges against her in December.
*This is not investment advice.