Witness Testimony Reveals SBF’s Plan to Sell FTX Equity to Saudi Arabia’s MBS
Former Alameda Research CEO Caroline Ellison testified against Sam Bankman-Fried (SBF), revealing that he planned to raise funds by selling FTX equity to Saudi Arabia Crown Prince Mohammed bin Salman, also known as MBS. This testimony is part of SBF’s ongoing trial, where other members of the FTX team have already spoken against him.
Ellison stated that she had attempted to discuss investment strategies with Bankman-Fried but was instead instructed to create misleading balance sheets for Genesis lenders. It was during these discussions that the potential investment from MBS came to light. This information was detailed in one of Ellison’s online journals.
MBS’s interest in crypto-related firms is not surprising, as he has previously invested in blockchain games and aims to transform Saudi Arabia’s economy into a global investment powerhouse. Ellison’s journal also mentioned SBF’s plans to buy Snapchat and turn regulators against Binance.
In an attempt to prevent Ellison from exposing this information, SBF allegedly tampered with her personal diary. However, the court denied his legal team’s request to cross-examine Ellison and other witnesses.
Hot Take: SBF’s trial continues to reveal shocking revelations about his actions and plans for FTX. The involvement of potential investors like MBS raises questions about the extent of SBF’s connections and influence in the crypto industry. As the trial progresses, more insights into his alleged misconduct and its impact on FTX will likely come to light.
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