Caroline Ellison's testimony at Sam Bankman-Fried's trial revealed details about Alameda Research struggles and its CEO desire to resign months before the collapse of FTX.
Former Alameda CEO Caroline Ellison recognized she wasn't doing a good job months before the company filed for bankruptcy, but Sam Bankman-Fried persuaded her to stay.Ellison spent over ten hours testifying during Bankman-Fried's trial this week, notably entering through the front doors of the federal court in Manhattan, joined by her attorneys. According to Ellison, she had not seen Bankman-Fried since the crypto empire failed in November last year.
Ellison joined Alameda as a trader in 2018. By 2020, she was handling most of the company's operations, while Bankman-Fried was focused on his newly launched crypto exchange FTX. In August 2021, she became co-CEO alongside Sam Trabucco, who stepped down a few months later, leaving her in charge of the company. In August 2022, Trabucco officially resigned as co-CEO.
According to Ellison, Bankman-Fried instructed her to keep repaying creditors via Alameda's line of credit with FTX. In other words, Alameda would use FTX's customers' assets to repay crypto lenders. At the time, its line of credit with the exchange stood at $13 billion.
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