Caroline Ellison, the former CEO of FTX-affiliated hedge fund Alameda Research, testified on Oct. 11 that Sam Bankman-Fried, who founded both Alameda and the failed cryptocurrency exchange FTX, told her to commit financial fraud.
At the start of her testimony, Ms. Ellison confirmed that she had committed the crimes of fraud, conspiracy to commit fraud, and money laundering, to which she pleaded guilty in December 2022. As part of a plea agreement, she appeared as a witness for the prosecution at Mr. Bankman-Fried’s criminal fraud trial, which began last week.
