The ongoing trial involving Sam Bankman-Fried (SBF), the founder of FTX, has taken another surprising turn as key figure Caroline Ellison, CEO of Alameda Research, provided insights into the inner workings of the company.
During SBF testimony, Caroline revealed a task on his to-do list: “Get regulators to bring down Binance.”
Caroline also admitted to negotiating $10 billion in debt, raising questions about the source of these funds.
The FTX exchange explained that these funds came from its users and customers. This detail led to an argument between Caroline and SBF, with SBF reportedly accusing Caroline of being at fault and causing the situation, which left Caroline in tears.
Caroline, however, pointed out that it was SBF’s investments that had put them in this precarious situation. He also mentioned a list titled “Things Sam is crazy about” that he updates frequently, which included raising funds from Saudi Prince MBS and inciting regulators against Binance.
At one point, SBF had ambitious plans, such as buying Snapchat and trading Japanese government bonds.
In response to these details, Changpeng Zhao, CEO of the crypto exchange that Caroline claimed to be trying to collapse, responded with a laugh: “We are still our fans.”
Further, he also shared quotes from Jack Ma and Henry Ford, emphasizing the importance of focusing on customers and developing one’s own business rather than worrying about competitors. CZ noted, “The truth always comes out with time.”