Caroline Ellison, the former Chief Executive Officer
of Sam Bankman-Fried (SBF)’s crypto hedge fund Alameda Research, took the stand to
testify against him in the second day of her appearance today (Wednesday). Her
testimony revealed aspects of SBF’s character, who faces allegations of fraud
related to the collapse of FTX.
In a report by Reuters, Ellison described SBF as a
“utilitarian” who believed that the only moral rule that mattered was
doing the greatest good for the greatest number of people. She further stated
that he didn’t think basic rules like “don’t lie” or “don’t
steal” fit into his utilitarian framework. This perspective allegedly created
an environment where people around him felt comfortable doing what they knew
was ethically wrong.
Ellison’s testimony also delved into SBF’s
efforts to support his companies during a challenging time. She claimed that he
suggested selling a stake in FTX to Saudi Arabian Crown Prince Mohammed bin
Salman and called for regulators to take strict actions against the rival
crypto exchange , Binance. While Ellison mentioned that regulators had assured
such action, specific details remain scarce.
Additionally, Ellison told the jury about a
significant bribe paid to Chinese officials by a group of FTX and Alameda
executives, Coindesk reported. This was done to secure funds that had been
locked on Chinese exchanges. Although the alleged bribery raises…
