Former FTX CEO Sam Bankman-Fried’s Ambition to Become US President Revealed
In court, Sam “SBF” Bankman-Fried’s ex-girlfriend and business associate Caroline Ellison testified that he had aspirations of becoming the President of the United States. The revelation came after their personal relationship ended, although they continued working together at Alameda Research and FTX until November 2022.
Ellison Admits to Fraud and Alleges Bankman-Fried’s Involvement
During her testimony, Ellison admitted to fraud while at Alameda, claiming that Bankman-Fried was responsible for setting up systems that led to the hedge fund taking approximately $14 billion from the exchange. She revealed that between 2020 and 2022, $10 to $20 billion in FTX user funds were deposited into Alameda, with the money being used for various purposes without disclosing it to investors or auditors.
Ellison’s Testimony on FTX Tokens and Loans
Ellison testified about Alameda Research buying back FTX Tokens (FTT) from Binance using a line of credit directed by Bankman-Fried. She also mentioned using loans from Genesis as a source of funds in 2021. Additionally, she claimed that Bankman-Fried influenced her appointment as CEO of Alameda and expressed a willingness to take significant risks.
Testimony Continues with Co-conspirators’ Admissions
Gary Wang, co-founder and former CTO of FTX, testified before Ellison and admitted to committing crimes alongside her and former FTX engineering director Nishad Singh. Bankman-Fried’s defense strategy aimed to shift some blame onto Ellison by suggesting she used the exchange’s funds at her own discretion.
Hot Take: Bankman-Fried’s Political Ambitions and Legal Battle
In a surprising turn of events, it was revealed that former FTX CEO Sam Bankman-Fried had aspirations of becoming the President of the United States. Testimony from his ex-girlfriend and business associate Caroline Ellison shed light on this ambition during their court proceedings. Ellison also accused Bankman-Fried of involvement in fraudulent activities at Alameda Research, leading to the misappropriation of billions of dollars. The ongoing trial has seen admissions from Ellison and other co-conspirators, while Bankman-Fried maintains his plea of not guilty. These revelations have added an unexpected twist to the legal battle surrounding the prominent crypto figure.
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