Sam Bankman-Fried’s Desire for US Presidency Revealed by Caroline Ellison

During the recent court proceedings on October 10, Caroline Ellison, former girlfriend, and business associate of ex-FTX CEO Sam “SBF” Bankman-Fried, revealed startling information: Bankman-Fried harbored ambitions of becoming the President of the United States. Ellison’s testimony against Bankman-Fried, given during the fifth day of his criminal trial, provided a glimpse into their complex relationship and the intricate workings of the crypto empire they were part of.

Ellison confessed to her involvement in fraud during her tenure at Alameda Research, under Bankman-Fried’s direction. She asserted that he had orchestrated systems leading to Alameda siphoning approximately $14 billion from FTX, an allegation that formed a crucial part of her testimony as part of a plea agreement with prosecutors.

According to Ellison, between 2020 and 2022, a staggering $10 to $20 billion in FTX user funds were transferred to Alameda. These funds were utilized to repay loans, make investments, and conduct stablecoin conversions. Shockingly, Ellison claimed that FTX had not disclosed Alameda’s line of credit to investors or auditors, indicating a lack of transparency in their financial operations.

Ellison also shed light on Bankman-Fried’s approach to risk-taking. She revealed that he was willing to undertake significant risks, even if they had the potential to cause catastrophic consequences. In her testimony, Ellison recounted Bankman-Fried’s willingness to engage in high-stakes coin flips, illustrating his audacious attitude towards risk management.

Furthermore, Ellison disclosed details about her compensation and the inner workings of the organization. She stated that her annual salary amounted to $200,000, supplemented by a staggering $20 million bonus in 2021. The court also heard from FTX co-founder Gary Wang, who admitted to his involvement in criminal activities alongside Ellison and former FTX engineering director Nishad Singh.

At the time of reporting, Bankman-Fried’s defense team had not yet cross-examined Ellison. Their strategy seemed focused on redirecting blame for FTX’s collapse from Bankman-Fried to Ellison, suggesting that she had misappropriated the exchange’s funds at her own discretion. Bankman-Fried maintains his innocence, pleading not guilty to all charges brought against him. The trial continues, revealing more layers of complexity in the intricate world of cryptocurrency and finance.

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