Former Alameda Research CEO says ex-boyfriend largely blamed her for company’s financial collapse
, his ex-girlfriend and the former CEO of the hedge fund associated with his collapsed cryptocurrency exchange. She testified that, during last year’s cryptocurrency crash, Bankman-Fried directed her to illegally appropriate FTX customers’ money.
Ellison said she and Bankman-Fried had an in-person conversation in their apartment’s study about Alameda’s precarious state in August 2022. He told her that Alameda should have hedged its financial positions earlier in the year and to a greater degree. He was speaking “loudly and strongly” to her, and when she started crying, she had trouble continuing the conversation, she said.
“He continued to direct me to repay the loans,” Ellison replied. Responding to another question shortly after, she said, “I understood that he was telling me to borrow money from our FTX line of credit … I understood that he was telling me to use FTX customer funds to repay our loans.” The jury was shown a to-do list that Ellison made for herself. The list said that the No 1 priority was hedging.
“I was in sort of constant state of dread. At that point, I knew we’d have to take the money from our FTX line of credit,” Ellison said. “Every day I was worrying about the possibility of customer withdrawals from FTX and the possibility of this getting out.”that she was enmeshed in criminal activity while at the helm of Alameda. Bankman-Fried faces seven fraud and conspiracy counts for allegedly cheating customers out of $10bn. He has pleaded not guilty.“Yes, we did,” she said.
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