{"id":172384,"date":"2023-10-11T22:52:03","date_gmt":"2023-10-11T17:22:03","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=172384"},"modified":"2023-10-11T22:52:03","modified_gmt":"2023-10-11T17:22:03","slug":"caroline-ellison-says-alameda-maintains-different-balance-sheets-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/caroline-ellison-says-alameda-maintains-different-balance-sheets-crypto-news\/","title":{"rendered":"Caroline Ellison Says Alameda Maintains Different Balance Sheets – Crypto News"},"content":{"rendered":"

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Caroline Ellison, the former CEO of Alameda Research, a subsidiary firm of the defunct FTX exchange has admitted to providing seven different balance sheets.<\/span><\/p>\n

Ellison\u2019s New Testimony<\/strong><\/h2>\n

Ellison\u2019s testimony, delivered on the <\/span>sixth day<\/span><\/a> of Sam Bankman-Fried\u2019s trial, <\/span>exposed<\/span><\/a> a web of deceit surrounding Alameda Research\u2019s financials. She claimed that Bankman-Fried had instructed her to create \u201calternative\u201d balance sheets, designed to mislead Genesis lenders about Alameda\u2019s use of funds from FTX Derivatives Exchange.\u00a0<\/span><\/p>\n

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Ellison testified that she provided seven different spreadsheets, one of which was presented to Genesis. Notably, the spreadsheet failed to disclose that Alameda had borrowed a staggering $10 billion from FTX.<\/span><\/p>\n

During her testimony, Ellison recounted her conversation with SBF, stating, \u201cSam said, \u2018Don\u2019t send the balance sheet to Genesis.\u2019 We were borrowing $10 billion from FTX, and we had $5 billion in loans to our own executives and affiliated entities. We thought Genesis might share the info.\u201d This revelation suggests a deliberate effort to conceal significant financial dealings from key stakeholders.<\/span><\/p>\n

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In a revealing moment, Ellison expressed her concerns about potential customer withdrawals from FTX and the harm that could come from the truth being exposed. She admitted to feeling uncomfortable about her actions when questioned by the prosecution, stating that they were \u201cdishonest\u201d and \u201cwrong.\u201d<\/span><\/p>\n

<\/p>\n

Caroline Ellison Plays the Blame Game<\/strong><\/h2>\n

Throughout the trial, Ellison has largely placed the blame for the events surrounding the collapse of FTX on Sam Bankman-Fried. She alleges that Bankman-Fried directed the misuse of customer funds, while the defense seeks to portray her as the instigator. The trial\u2019s outcome may hinge on the jury\u2019s perception of where ultimate responsibility lies.<\/span><\/p>\n

Ellison is deemed the <\/span>key witness<\/span><\/a> for the prosecution in Bankaman-Fried\u2019s trial, following the testimony of FTX co-founder and former CTO Gary Wang. The trial has also named former FTX engineering director Nishad Singh as a potential witness, part of an agreement with the United States Justice Department.<\/span><\/p>\n

Meanwhile, prosecutors indicated that they expect to rest their case on October 26 or October 27, at which point the defense will begin calling witnesses. Bankman-Fried has pleaded not guilty to seven criminal counts related to fraud at FTX and faces an additional five charges to be addressed in a March 2024 trial.<\/span><\/p>\n

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\u2713 Share:<\/p>\n

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Caroline Ellison, the former CEO of Alameda Research, a subsidiary firm of the defunct FTX exchange has admitted to providing seven different balance sheets. Ellison\u2019s New Testimony Ellison\u2019s testimony, delivered on the sixth day of Sam Bankman-Fried\u2019s trial, exposed a web of deceit surrounding Alameda Research\u2019s financials. She claimed that Bankman-Fried had instructed her to […]<\/p>\n","protected":false},"author":2,"featured_media":172385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-172384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/172384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=172384"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/172384\/revisions"}],"predecessor-version":[{"id":172387,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/172384\/revisions\/172387"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/172385"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=172384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=172384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=172384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}