Caroline Ellison, the former CEO of FTX’s Alameda Research hedge fund, kicked off the most high-profile testimony to date in the criminal trial of Sam Bankman-Fried on Tuesday, testifying that she committed financial crimes with the former FTX CEO and that he directed Alameda to “borrow as much” as possible.
The government’s star witness, Ellison attracted scores of reporters as well as onlookers who follow the ideals of effective altruism, the philosophical movement that Bankman-Fried and Ellison subscribed to. Ellison’s testimony lived up to the hype—she said Alameda used billions in FTX customer funds for investments and to pay back loans—and she was also the latest witness to detail worries about Alameda and FTX that Bankman-Fried brushed aside.
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