Les révélations choquantes sur les pratiques d’Alameda Research et Sam Bankman-Fried

The Block News: Former Alameda Research CEO Testifies Against Sam Bankman-Fried in Fraud Trial

In a shocking turn of events, Caroline Ellison, former CEO of Alameda Research, shared a document with Sam Bankman-Fried, majority owner of the trading firm and her occasional boyfriend, detailing her current assessment of Alameda’s risk exposure. Despite Ellison’s optimistic outlook, a sudden crash in the Terra stablecoin market wiped out $45 billion in value and left several crypto companies in ruins.

Now, Ellison is testifying against Bankman-Fried in a trial involving seven counts of fraud and conspiracy against clients, investors, and lenders of FTX. Ellison pleaded guilty to similar charges in December 2022 and is cooperating with government prosecutors.

During her testimony, Ellison revealed how Bankman-Fried’s insatiable appetite for capital led Alameda to borrow billions from third-party lenders and FTX clients to fund risky investments and acquisitions. Ellison expressed concerns about the practice of borrowing client funds without their knowledge, but Bankman-Fried dismissed her worries.

As Alameda’s debts soared, its collateral became increasingly thin, relying on illiquid “Samcoins” like FTT, Serum, Maps, and Oxygen. Bankman-Fried’s quest for more capital led to questionable decisions, such as borrowing $5 billion for venture investments and political donations.

Despite Alameda’s precarious financial position, Bankman-Fried continued to push for more borrowing, even as Ellison raised red flags about the risks involved. As the trial unfolds, more details are expected to emerge about the inner workings of Alameda and FTX under Bankman-Fried’s leadership.

Stay tuned for further updates on this high-stakes trial as Ellison’s testimony sheds light on the controversial practices that ultimately led to Alameda’s downfall.