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
SBF Trial, Day 2: DOJ: Sam Bankman-Fried ‘Lied’ His Way to ‘Wealth, Power, and Influence’
The Chopping Block: Michael Lewis Swindled, SBF’s Effective Altruism Ruse, Ethereum Protocol Enshrinement - Ep. 552
SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case - Ep. 551
The Chopping Block: Which DeFi Metrics Are Still Useful in a Bear Market? - Ep. 550
Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out - Ep 549
Why All 10,000 OnChainMonkey NFTs Will Move From Ethereum to Bitcoin - Ep. 548
Why FTX Might Try to Claw Back Funds From Retail Customers- Ep. 547
The Chopping Block: Will Warren of 0x on Its Settlement With the CFTC - Ep. 546
Zeke Faux's Crypto Adventures and His Relationship With Former FTX CEO SBF - Ep. 545
With Execs Leaving and Market Share Declining, Can Binance Survive? - Ep. 544
Jeremy Allaire on Circle's ‘Multi-Decade’ Strategy and Where Stablecoin Regulation Is Headed - Ep. 543
Could This Vitalik-Backed Protocol Bring Privacy to a Regulated Crypto World? - Ep. 542
The Chopping Block: Why Circle CEO Jeremy Allaire Is So Optimistic About Stablecoins' Future - Ep. 541
Friend.tech: The Legal and Tax Ins and Outs of This Year’s Hottest Crypto App - Ep. 540
Does Grayscale’s Win Against the SEC Mean a Spot Bitcoin ETF Will Be Approved? - Ep. 539
The Chopping Block: Coinbase’s Paul Grewal on Why the SEC Is Going After Crypto So Aggressively - Ep. 538
Oracles: Does the Backbone of DeFi Need Fixing? - Ep. 537
Is This the End of DeFi? Why the US Government Is Going After Tornado Cash - Ep. 536
The Chopping Block: All About That Base With Jesse Pollak - Ep. 535
Create your
podcast in
minutes
It is Free
Pharmacy Podcast Network
Sarah Westall - Business Game Changers
Børsen Morgenbriefing
Startitup podcasty
Wall Street Breakfast