Crypto Blog
Scheme involving frozen Chinese government funds explored, including negotiation, using crypto addresses, and bribery.
That’s a lot to unpack in just a few days. We have piled up the latest and most important developments and updates so you can keep track of everything. We’ll start with Caroline Ellison, SBF’s ex-girlfriend, who took the witness stand twice this week.SBF Told Ellison to Lie and Mislead Investors When things started falling apart, Ellison said she felt a “sense of relief as I didn’t have to lie anymore.” According to her testimony, Ellison warned Sam about the state of Alameda’s balance sheets and not hedging more on specific high-risk trades in 2022.
The order to bribe Chinese officials, which Ellison states she didn’t know to whom those accounts belonged, was ordered by Trabucco and Bankman-Fried in a Signal conversation that was later deleted . There were also remarks about Sam’s image. As per her statements, Sam was always worried about how people would perceive him, and Sam’s hair was “very valuable” to him as it was a significant part of the narrative he was trying to push, alongside the crypto community’s most famous Corolla, which he used as a PR stunt while living in a $30M+ penthouse.At the brink of chaos, lenders and investors were starting to ask for Alameda’s balance sheet.
Sasson asked Ellison if, at the time of this tweet, FTX was solvent to backstop customers, to which she responded, “No.” The truth is that FTX had around $6.9B in liquid assets, while total deposits on the exchange amounted to $15 billion.This trial could have massive implications for the cryptocurrency space, specifically on the regulatory front and the loss of investors’ confidence in the industry.
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