Former Alameda Research CEO Reveals Hidden Payments to Chinese Officials
In the trial of Sam Bankman-Fried, founder of crypto exchange FTX, shocking revelations emerged from the testimony of former Alameda Research CEO Caroline Ellison. According to Ellison’s testimony, Alameda Research paid Chinese officials to unlock their trading accounts on OKX and Huobi in China.
Accounts Frozen and Unfrozen
Ellison testified that while Bankman-Fried was CEO in 2020, the accounts valued at around $1 billion were frozen. Bankman-Fried claimed that a colleague with connections in China found a way to unfreeze the accounts. Ellison, who had become co-CEO by then, made crypto transfers totaling around $100 million to $150 million to reopen the accounts, unaware that the payments were made to Chinese officials.
Courtroom Clash and Avoiding Written Evidence
One Alameda trader resigned due to her objection to paying bribes to Chinese officials. Ellison testified about a heated argument between the trader and Bankman-Fried. Ellison also shared a list with prosecutors containing notes referring to a payment of “150m from the thing?” about the money transferred. She explained that she avoided explicitly stating in writing that the payment was made to China out of fear it could be leaked and used against Alameda Research in court.
The Trial Continues
The trial continues to uncover new details and allegations, shedding light on the actions and motivations of those involved. The cryptocurrency community eagerly awaits further developments and the outcome of the trial.
Hot Take: Trust and Motive Revealed in Sam Bankman-Fried Trial
The trial of Sam Bankman-Fried, founder of FTX, has brought forth shocking revelations from the testimony of former Alameda Research CEO Caroline Ellison. Ellison testified that Alameda Research paid Chinese officials to unlock their trading accounts in China. While Bankman-Fried was not charged with bribery, this evidence was presented to demonstrate trust, confidence, and motive between Bankman-Fried and Ellison. The trial continues to expose new details and allegations, offering insights into the actions and motivations of those involved. The outcome of the trial is eagerly anticipated by the cryptocurrency community.
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