According to Ellison, Sam Bankman-Fried might be attempting to keep bitcoin prices below $20,000.

News Desk5
3 Min Read

During the trial of Sam Bankman-Fried, the founder of FTX, some surprising information has come to light in a courtroom. Caroline Ellison, his ex-girlfriend, disclosed crucial information during the trial.

Caroline Ellison’s Testimony Sheds Light on Alleged Bitcoin Price Suppression Plot at $20K

In a courtroom drama, Caroline Ellison, former head of Alameda Research and ex-girlfriend of Sam Bankman-Fried (SBF), has made explosive allegations that have rocked the crypto world. Her recent testimony has raised allegations of a conspiracy to manipulate Bitcoin prices by deliberately selling BTC if it surpassed the $20,000 mark. To strengthen her claims, she presented a message that read, “Keep selling BTC if it’s over $20K.” This revelation implies an attempt to prevent Bitcoin from soaring in value.

But that’s not all; Ellison’s testimony unveiled other concerning activities at FTX. She disclosed that under Bankman-Fried’s direction, Alameda Research had borrowed $13 billion from FTX customers by September 2022. This raised questions about the money’s purpose and potential conflicts of interest.

Genesis’ Financial Turmoil

Ellison’s testimony also shed light on discussions involving Genesis, a retail lending platform. According to her, Genesis teetered on the brink of insolvency and sought a substantial $500 million from FTX. Ellison claimed that Bankman-Fried instructed her to transfer the funds to Genesis despite doubts about the transaction’s integrity. These revelations have shadowed Sam Bankman-Fried’s reputation and raised concerns about FTX’s integrity.

Judge Kaplan Rejects Bankman-Fried’s Request for Evidence

As the trial unfolds, the defense’s strategy is becoming more apparent. Earlier, Judge Kaplan denied a request from Sam Bankman-Fried’s legal team to present evidence regarding the role of lawyers in arranging loans provided by Alameda Research. This request was explicitly aimed at the cross-examination of Gary Wang, the former Chief Technology Officer of FTX.

The defense’s actions followed their request to cross-examine Caroline Ellison, who suggested that Bankman-Fried had advised her to activate auto-deletion features on certain messaging accounts. By discussing the involvement of legal teams at Alameda or FTX, the defense aims to demonstrate that there was no wrongdoing despite the accusations.

As the trial continues, the legal community and cryptocurrency enthusiasts will closely monitor this pivotal case’s developments.

Share This Article
Leave a comment