Caroline Ellison, former CEO of Alameda Research and SBF's ex-partner, took the stand to reveal the alleged financial mismanagement at Alameda and FTX, which she claimed was at Bankman-Fried’s direction. The cross examination of Gary Wang finally began to show how SBF’s lawyers plan to defend him, though Wang largely appeared to be a yes man who simply trusted and followed his friend and co-founder.
Ellison's revelations included Alameda's hidden trading of FTT to prop up its price, her warnings to SBF about Alameda’s inability to pay back its lenders if he put billions more into venture investments, and his views on risk and “expected value.” For instance, she claimed he said if, with a coin toss came up tails and would mean Earth’s destruction, he would toss the coin if there it was twice as likely that it would more than double prosperity on Earth. However, her testimony seemed designed to preemptively rebut the defense’s potential argument that Alameda needed to borrow customer funds because she had not hedged.
Catch up on Unchained’s previous coverage:
Learn more about your ad choices. Visit megaphone.fm/adchoices
Bitcoin’s BRC-20 Mania: Is It Sustainable? - Ep. 493
The Chopping Block: Do Aragon Association Members Get 'Fat Salaries' With 'Zero Accountability'? - Ep. 492
The IRS Wants $44B From Bankrupt FTX. How Is That Possible? - Ep. 491
Writing the Book on FTX’s Downfall: ‘It Was All Just Sam’ - Ep. 490
$630M Due Next Week: Is DCG at Default Risk? - Ep. 489
Do You Need to Think Twice Before Restaking Your Assets? - Ep. 488
The Chopping Block: Why Are We Still Building Layer 1s? - Ep. 487
Coinbase's Legal Action Against the SEC: How It Will Likely Unfold - Ep. 486
Gary Gensler vs. Crypto: What Will the SEC Attack Next? - Ep. 485
The Chopping Block: Are Layer 2s Stealing Ethereum’s Thunder? - Ep. 484
‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer - Ep. 483
Why MEV Will Always Be Controversial - Ep. 482
The Chopping Block: Are VCs Bad for Crypto? - Ep. 481
Laura’s 10-Year Anniversary of Self-Employment: A Personal Message
Shapella in the Rearview: After Major Upgrade, What’s Next for Ethereum? - Ep. 480
Are DAOs Strong Enough to Survive the Regulators? - Ep. 479
Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ - Ep. 478
The Chopping Block: Is Ether the Only ‘Organic Yield’ in Crypto? - Ep. 477
Is the Government Trying to Kill Off Crypto in the US? - Ep. 476
Why the CFTC Case Against Binance Will Have Very Important Consequences for Crypto - Ep. 475
Create your
podcast in
minutes
It is Free
Pharmacy Podcast Network
Sarah Westall - Business Game Changers
Børsen Morgenbriefing
Startitup podcasty
Wall Street Breakfast