Sam Bankman-Fried aspired to turn out to be US president, says Caroline Ellison


Former FTX CEO Sam “SBF” Bankman-Fried had ambitions to turn out to be president of the USA, in keeping with his former girlfriend and enterprise affiliate Caroline Ellison.

Showing in courtroom on Oct. 10 to testify towards Bankman-Fried, Ellison reportedly mentioned the previous FTX CEO needed to be the U.S. president sooner or later. The declaration adopted the top of their private relationship, whereas the 2 continued to work collectively of their respective management roles at Alameda Analysis and FTX till November 2022.

JUST IN: Stay tweets of Ellison’s testimony reveal that @SBF_FTX had plans of turning into the President of the USA.

— Cointelegraph (@Cointelegraph) October 10, 2023

Ellison admitted to fraud throughout her time at Alameda beneath the course of Bankman-Fried, claiming he “arrange the programs” resulting in the hedge fund taking roughly $14 billion from the change. Her testimony on the fifth day of SBF’s legal trial was a part of a plea settlement with prosecutors.

In keeping with Ellison, between $10 and $20 billion in FTX consumer funds had been deposited to Alameda from 2020 via 2022, with the cash utilized in half to “repay loans, investments and stablecoin conversions.” She added that FTX was not disclosing Alameda’s line of credit score to buyers or auditors.

Associated: SBF seeks to probe FTX legal professionals’ roles in $200M Alameda loans

The previous Alameda Analysis CEO testified on the agency shopping for again FTX Tokens (FTT) from crypto change Binance via the road of credit score at SBF’s course — “in any other case Binance would trigger bother” — in addition to utilizing loans from Genesis as a supply of funds in 2021. Ellison additionally claimed she didn’t actually really feel certified to be the CEO of Alameda:

“Sam mentioned I ought to do it,” mentioned Ellison. “I checked every part with him. He was the individual I reported to. He might hearth me.”

She additionally painted a seemingly grim image of how Bankman-Fried seen danger:

“He [SBF] mentioned it was okay if [there was] optimistic EV, anticipated worth. He mentioned he was prepared to take giant coin flips. He talked about being prepared to flip a coin and destroy the world, so long as a win would make it twice pretty much as good.”

In keeping with her testimony, Ellison had an annual wage of $200,000, in addition to a bonus of $20 million in 2021. FTX co-founder and former chief expertise officer Gary Wang took the stand earlier than Ellison, admitting to committing crimes along with her and former FTX engineering director Nishad Singh.

On the time of publication, Bankman-Fried’s legal professionals had not cross-examined Ellison. Their protection technique appeared to deal with shifting a few of the blame for FTX’s collapse from SBF to Ellison by claiming she used the change’s funds at her personal discretion. Bankman-Fried has pleaded not responsible to all costs.

Journal: Are you able to belief crypto exchanges after the collapse of FTX?


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