Former Alameda Research CEO Caroline Ellison provided a human perspective on the events and months leading up to FTX's dramatic collapse in November 2022.
Former FTX CEO Sam Bankman-Fried was once “freaking out about” getting regulators to crack down on Binance and raising capital from a Saudi Crown Prince, according to Alameda former CEO Caroline Ellison.
Another priority for Bankman-Fried a year ago was “getting regulators to crack down” on the crypto exchange Binance, a move intended to increase FTX’s market share, according to Ellison. She didn’t provide any details on how Bankman-Fried planned to do it.Bankman-Fried was also seeking more funds from crypto lender BlockFi, which had already lent Alameda over $660 million, she said.
According to Ellison, Bankman-Fried blamed her for Alameda’s troubles and poor hedging. During the trial, Ellison admitted that a better hedge strategy could have helped Alameda face the crypto winter, butOpen-term loans have no maturity date, meaning the borrower has a prepayment option, while the lender has a call option. In June, lenders such as Genesis Capital started enforcing their call option, requiring Alameda to repay millions of dollars.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Caroline Ellison tells court that Sam Bankman-Fried wanted to buy Snapchat: reportsFormer FTX CEO SBF reportedly wanted to acquire the parent company of Snapchat, former Alameda Research CEO Caroline Ellison said.
Read more »
Here's what we've learned so far from SBF's criminal trialThe Block Editor Zack Abrams shares insights from what he witnessed during the first week of SBF's criminal trial.
Read more »
SBF’s Lawyers Could Be Annoying the Judge | How Might That Impact the Trial?Laura Shin is a crypto journalist, host of the Unchained podcast, and author of “The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze” (Public Affairs, 2022).
Read more »
SBF’s lawyers ask court to allow introduction of Anthropic evidenceLawyers representing SBF argue that allowing Anthropic-related evidence would be a response to having evidence of positive investment outcomes as opposed to the “risky” ones argued by the government.
Read more »
Ellison Was CEO But SBF Was Still Boss at Alameda, Her Testimony SuggestsDanny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
Read more »
Caroline Ellison said SBF considered raising money from Saudi crown prince to repay FTX customersIn her second day on the stand, Caroline Ellison told jurors that Sam Bankman-Fried wanted her to hide FTX customer funds that were on Alameda's balance sheet
Read more »