Former FTX CEO Reportedly Wanted to Acquire Snapchat’s Parent Company
During the ongoing trial, former Alameda Research CEO Caroline Ellison revealed that former FTX CEO Sam Bankman-Fried expressed interest in acquiring the parent company of Snapchat. According to reports, Ellison kept a list of things that Bankman-Fried was concerned about, which included buying SNAP, raising funds from the Saudi Arabia crown prince, and trading Japanese government bonds. Additionally, she mentioned that Bankman-Fried wanted regulators to crack down on Binance, indicating a rivalry between him and Binance CEO Changpeng Zhao.
Allegations of Concealing Billions in Loans
Ellison testified that Bankman-Fried instructed her to find ways to hide billions in loans on Alameda Research’s balance sheets. She prepared seven different balance sheets and presented them to Bankman-Fried, allowing him to decide how to proceed. While she did not want to be dishonest, she followed his instructions. This revelation adds to the mounting evidence against Bankman-Fried in the trial.
Hot Take: Former FTX CEO’s Ambitious Plans
The testimony given by Caroline Ellison sheds light on Sam Bankman-Fried’s ambitious aspirations beyond the crypto world. His desire to acquire Snapchat’s parent company and secure funding from influential figures demonstrates his grandiose vision for expanding his business empire. However, these alleged plans seem to have led him down a path of potential misconduct, as he is now facing accusations of concealing loans. The outcome of this trial will determine the consequences for Bankman-Fried and may have broader implications for the crypto industry.
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