News Snapshot:
Caroline Ellison testified against FTX founder Sam Bankman-Fried, revealing she was instructed to use FTX customer funds to repay Alameda Research's lenders despite recognizing the risk. Ellison disclosed an unrelated bribery incident with Chinese officials to retrieve locked funds, highlighting the trust Bankman-Fried had in her. Alameda borrowed heavily from FTX's customer deposits to stay financially stable, employing deceptive practices to mask its risky financial situation from lenders. Amid financial troubles, Bankman-Fried considered selling FTX shares to Saudi Prince Mohammed Bin Salman to manage loan repayments. NEW YORK — Sam Bankman-Fried told Caroline Ellison to continue repaying Alameda Research’s lenders...
