SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life
Unchained
Laura Shin
4.6 • 1.3K Ratings
🗓️ 12 October 2023
⏱️ 24 minutes
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| 0:00.0 | Hi, everyone. It's Laura here for the Unchained recap of the SBF trial for Wednesday, October 11th. |
| 0:10.5 | In Caroline Ellison's second day on the witness stand in the criminal trial against Sam |
| 0:15.1 | Bankman-Freed, her responses to prosecutors revealed that in 2022, as the crypto markets crashed, |
| 0:22.0 | and lenders began recalling Alameda's loans, Bankman-Freed continued to make ill-liquid investments, |
| 0:28.2 | as the situation grew worse, she, Bankman-Freed and their alleged co-conspirators, |
| 0:33.2 | Gary Wong and Nishat Singh, secretly resorted to ever more desperate hail marries, |
| 0:38.8 | allegedly directed by SBF. In recounting the dramatic week of FTX's downfall, |
| 0:45.1 | Ellison shed tears, sniffled, and reached for a tissue in front of the jury, |
| 0:49.8 | composed of eight women and four men, making today the most emotional day in the trial so far. |
| 0:55.9 | It was also the most dramatic, with references to bribing Chinese government officials, |
| 1:00.4 | creating accounts using the IDs of Thai prostitutes, and an attempt to raise money by selling |
| 1:05.3 | FTX shares to a Saudi prince. Plus, she shared insight into SPF's carefully curated public image, |
| 1:12.4 | and how virtues like not stealing or lying were allegedly a moral gray area for him. |
| 1:18.4 | Ellison began her testimony about the events in May 2022, and how the collapse of Teraluna |
| 1:24.4 | marked the start of an overall downturn in the crypto markets that significantly decreased |
| 1:29.2 | the value of Alameda's assets. By June 2022, third-party lenders were asking the |
| 1:34.8 | prop trading shop to pay back their loans. Most of Alameda's loans were open-term, |
| 1:39.7 | which meant lenders could recall their money back at any moment. |
| 1:43.2 | The prosecution showed telegram group chats that included Ellison, Bankman-Freed, |
| 1:48.0 | other Alameda employees, and lenders about Alameda's multi-billion dollar loans. |
| 1:53.6 | For example, crypto-linear genesis reached out to Ellison in mid-tune, |
| 1:57.9 | asking Alameda to return $400 million of its open-term loans with them. |
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