Explosive Testimony Continues in Sam Bankman-Fried's Fraud Trial

Caroline Ellison, a star witness in the federal fraud trial of Sam Bankman-Fried, testified that Bankman-Fried directed her and others to engage in a multibillion-dollar fraud over several years. Ellison, the former CEO of Alameda Research and Bankman-Fried's ex-girlfriend, admitted to her employees that the decision to borrow funds from customers of their sister firm, FTX, was Bankman-Fried's. She also revealed that she felt trapped and wanted to be open and honest with her employees. Ellison's testimony shed light on the rise and fall of Bankman-Fried's crypto empire, and she has pleaded guilty to seven counts of fraud. Bankman-Fried's defense attorney sought to undermine her narrative, suggesting that her own decisions contributed to the collapse of Alameda. The defense has yet to present its case, but they have hinted that they will argue the alleged fraud was a series of honest business mistakes.