FTX CEO Sam Bankman-Fried Allegedly Advised Caroline Ellison to Misappropriate Billions from Customers

Caroline Ellison, former CEO of Alameda Research, testified in court that Sam Bankman-Fried, the founder of Alameda Research and FTX, directed her to commit crimes, including taking billions of dollars from FTX customers. Ellison stated that Alameda used the funds for investments and repaid lenders with $10 billion of the money. She also revealed that Bankman-Fried suggested adding a company called Paper Bird to Alameda's balance sheet to make it appear less risky. Bankman-Fried is currently facing seven criminal charges, and the trial is expected to last six weeks.