In a surprising revelation during the trial against Sam Bankman-Fried (SBF), former Alameda Research CEO Caroline Ellison disclosed SBF’s plan to secure funds by selling FTX equity to Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS). This bold move was detailed in Ellison’s journal and sheds light on SBF’s ambitious plans.
Startling revelations continue to emerge during the trial of Sam Bankman-Fried (SBF), the former CEO of the now-defunct cryptocurrency exchange. Former Alameda Research CEO, Caroline Ellison, testified that SBF had ambitious plans to secure funding by selling FTX equity to Saudi Arabia’s Crown Prince Mohammed bin Salman, commonly known as MBS.
The ongoing trial has witnessed key members of the FTX team, such as Gary Wang and Adam Yedidia, testifying against SBF, detailing his role in the collapse of the cryptocurrency exchange. Ellison, who is both SBF’s ex-girlfriend and business partner, revealed that she had attempted to discuss strategies to protect Alameda’s investments with him. Instead, SBF instructed her to create “alternative” balance sheets, with the intention of misleading Genesis lenders about the use of funds from the FTX Derivatives Exchange.
One remarkable revelation from Ellison’s testimony was SBF’s plan to attract investment from MBS, which was documented in her online journal titled “Things Sam is Freaking Out About.” This disclosure aligns with MBS’s known support for crypto-related ventures, as part of his vision to make Saudi Arabia a global investment hub in the blockchain space.
Ellison’s revelations also include SBF’s plans to acquire Snapchat and influence regulators against cryptocurrency exchange giant Binance. Notably, SBF’s attempt to interfere with Ellison’s journal played a role in his continued detention.
Attempts to cross-examine Ellison and Wang have been denied by Judge Lewis Kaplan, as they seek to navigate this complex legal battle.