In a recent trial, severe allegations have arisen against FTX co-founder, Sam Bankman-Fried. Caroline Ellison, his former girlfriend and ex-CEO of FTX’s sister trading firm Alameda, testified how Bankman-Fried allegedly used customer funds, amounting to billions of dollars, for risky investments that eventually resulted in the collapse of FTX’s cryptocurrency exchange.
Ellison, an expert in mathematical science, was employed by Bankman-Fried and progressively got promoted to the role of CEO of
Alameda Research. Since the commencement of the trial, she has been a major witness against him. Ellison, who has confessed her guilt and is currently working with prosecutors, accuses him of masterminding the fraudulent scheme.
The trial continues, with further testimonies expected in the coming weeks which could paint a clearer picture about this apparent cryptocurrency scandal.
To know more about this case, you can read the detailed report
here.