FTX Founder Sam Bankman-Fried Accused of Directing Fraud and Crimes

Caroline Ellison, the former CEO of Sam Bankman-Fried's hedge fund, testified in court that Bankman-Fried instructed her and others to defraud FTX exchange customers by taking their money without their knowledge. Ellison revealed Bankman-Fried's obsession with rival Binance and his belief that he could become the US president. She admitted her involvement in fraud, conspiracy to commit fraud, and money laundering alongside Bankman-Fried. Ellison portrayed him as ambitious and the mastermind behind illicit activities, including siphoning funds from customers and investors. Bankman-Fried faces charges of fraud and conspiracy but maintains his innocence.