Listen to the audio heard in court of Caroline Ellison telling her employees that SBF decided to use FTX customer funds to repay loans.
On Nov. 8, 2022, as the FTX crisis unfolded, sister trading firm Alameda Research CEO Caroline Ellison gathered around fifteen employees for an all-hands meeting in the Hong Kong office. It was around 11 p.m. local time, about 24 hours after an announcement by Sam Bankman-Fried, FTX's CEO at the time, that he would be selling the company to Binance and its CEO Changpeng "CZ" Zhao, his longtime rival.
So, like, a bunch of FIX and FTX US equity. A bunch of like other ventures, investments, et cetera. Then with crypto being down, the crash, the -- like, credit crunch this year, most of Alameda's loans got called. And in order to, like, meet those loan recalls, we ended up like borrowing a bunch of funds on FTX which led to FTX having a shortfall in user funds.
CAROLINE ELLISON: Basically, the loan from FTX is used to, like, repay our other loans. And those were like used mostly to buy sort of illiquid assets.ELLISON: What did you say?
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