Caroline Ellison Accused SBF of Hiding $9.9B Debt to Customers!

On day 2 of trial, Caroline Ellison testified in court that she prepared seven different balance sheets at the behest of Sam Bankman-Fried, the CEO of crypto exchange FTX, in an attempt to hide the $9.9 billion the company owed to FTX customers. Ellison said Bankman-Fried chose the version that did not disclose this debt in an effort to make Alameda appear less risky before meeting with Genesis’s co-head of trading and lending. The testimony occurred on Oct. 11, 2022, and comes after Matt Ballensweig, the co-head of trading and lending at Genesis, resigned from his position on Sept. 28, 2022.