Near the end of her second day on the witness stand, Caroline Ellison, the former CEO of the crypto hedge fund Alameda Research, broke down. “I felt a sense of relief that I didn’t need to lie anymore,” she said, her voice cracking as she detailed the final days of the now-bankrupt crypto exchange FTX.
This was the climax in one of the most explosive days of testimony in the trial of Sam Bankman-Fried, the former CEO of FTX. In charge of the crypto hedge fund that prosecutors argue facilitated the misappropriation of billions in customer funds, Ellison continued to build on her narrative from the day before, which had already detailed her unfair compensation, Alameda’s market manipulation, and other revelations.
