"Newton Native Caroline Ellison Reveals Inside Story of FTX Collapse at Sam Bankman-Fried Trial"

Caroline Ellison, former top executive of Sam Bankman-Fried's cryptocurrency hedge fund, Alameda Research, testified in court, blaming Bankman-Fried for corrupting her values and creating justifications for illegal actions. Ellison revealed that she repeatedly tapped into customer deposits at FTX, at Bankman-Fried's direction, to solve problems at the hedge fund or exchange. She also described a large bribe paid to Chinese officials to release frozen funds, as well as doctoring balance sheets to hide borrowing from FTX customers. Ellison pleaded guilty to fraud charges, while Bankman-Fried has pleaded not guilty.