SBF Wanted to be President, Caroline Ellison Testifies
- Caroline Ellison testified against SBF on October 10, revealing disturbing facts about the entrepreneur.
- She said that Bankman-Fried confessed that he had ambitions to become President of the US.
- Ellison added that she felt she wasn’t qualified to be the CEO of Alameda Research but was forced to lead.
- Between $10 billion and $20 billion in FTX user funds were deposited to Alameda, she revealed.
Caroline Ellison, the former CEO of Alameda Research, came to testify against FTX founder Sam Bankman-Fried, popularly known as SBF in the crypto sector, revealing that her former boss had ambitions to be the President of the United States. She also testified in court, bringing shocking details to the case as the trial continues.
Ellison took the stand on October 10 and reportedly unveiled that SBF wanted to make his way into US politics and finally become the President of the US. This announcement from Bankman-Fried caused their romantic relationship to finally end while the two continued to work together in their respective roles as Alameda and FTX CEOs until November 2022.
The former Alameda head admitted to conducting fraud during her tenure under the direction of SBF. She claimed that Bankman-Fried “set up the systems,” leading to the trading firm taking roughly $14 billion from the main crypto exchange. All these funds were deposits from the users of the platform who entrusted their lives’ savings.
Ellison confirmed that between $10 and $20 billion in FTX user funds were deposited to Alameda from 2020 through 2022, and the money was used in part to “repay loans, investments, and stablecoin conversions.” This line of credit was not revealed to investors or auditors.
Another important event brought forth by her was FTX buying back its FTT tokens through Alameda’s line of credit from rival exchange Binance. SBF claimed that “Binance would cause trouble” while adding that she did not feel qualified to be the CEO of Alameda.
“Sam said I should do it,” said Ellison. “I checked everything with him. He was the person I reported to. He could fire me.”
Ellison also painted a rather evil picture of Bankman-Fried:
“He was willing to take large coin flips. He talked about being willing to flip a coin and destroy the world, as long as a win would make it twice as good.”
As reported earlier by BitcoinWisdom, Ellison confessed to wanting more from her relationship with her former boss but felt he was distant and often ignored her. Moreover, the defense team is likely to paint Ellison as an aggrieved lover seeking to do some damage.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
