Caroline Ellison Accused SBF of Hiding $9.9B Debt to Customers!

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Oct 11, 2023 20:41

On day 2 of trial, Caroline Ellison testified in court that she prepared seven different balance sheets at the behest of Sam Bankman-Fried, the CEO of crypto exchange FTX, in an attempt to hide the $9.9 billion the company owed to FTX customers. Ellison said Bankman-Fried chose the version that did not disclose this debt in an effort to make Alameda appear less risky before meeting with Genesis’s co-head of trading and lending. The testimony occurred on Oct. 11, 2022, and comes after Matt Ballensweig, the co-head of trading and lending at Genesis, resigned from his position on Sept. 28, 2022.