Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Thursday, October 12th, and today we are talking all about Carolyn Ellison's testimony in the SBF trial.

Before we get into that, however, if you're enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.

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bit.ly slash breakdown pod. Hello friends. Well, I think that we all thought that there were going

to be some fireworks in Caroline's testimony. But my goodness, it is no wonder the prosecution viewed her

as their star witness. Around noon yesterday, Autism Capital tweeted,

Caroline Ellison of FTX admits that Sam bribed Chinese officials with $100 million to unfreeze

their assets, purposefully tried to scam Saudi investors in the final days of FTX, intentionally

tried to stick regulators on finance to destroy his competition, and it's only lunchtime. Even more

simply, as Laura Shin put it, it is getting real

in the courtroom today. So let's just get going and I'll share some overall thoughts at the end.

And the way that I decided to present this is actually going linearly through the prosecution's

questioning rather than bunching things by theme. The reason I chose to do it like that is that I think

it gives a picture of the case the prosecution is trying to make and how they're doing it.

Remember, the jury heard this information in roughly the same order that you're hearing

it now.

Now, as we discussed on yesterday's show, Caroline's testimony had started on Tuesday.

For those of you who haven't listened to that, and who might be just coming into this for the first time, Caroline was the CEO of Alameda Research, and Sam's on-again, off-again girlfriend. Now, by and large, the big takeaway

from Tuesday's testimony was an undermining of Sam's argument that he hadn't been really

involved in Alameda for some time. There was a decent overview of the sort of misleading conduct

...