2023-10-13 07:43:15
The former CEO of Alameda Research claimed, Caroline EllisonIn court, Sam Bankman Fried tried to raise money for FTX by considering an investment from Saudi Crown Prince Mohammed bin Salman.
Speaking in court at the criminal trial of Sam Bankman-Fried on October 11, mentioned Ellison said she discussed ways to hedge Alameda investments with Bankman-Fried in 2022. According to the former Alameda CEO, Bankman-Fried said that MBS was a potential investor in the cryptocurrency exchange before its collapse in November.
Potential investment by Prince Mohammed bin Salman was one of the notes mentioned in One of Ellison’s online memoirs Titled “Things Sam Scares About,” which prosecutors said in August they might bring to trial. According to her testimony, the list included “raising money from Prince Mohammed bin Salman” as well as turning regulators once morest the cryptocurrency exchange Binance.
One more Caroline Ellison courtroom sketch.
This one featuring SBF himself! pic.twitter.com/cQJbj5V1H7
— Ariel Givner, Esq. (@GivnerAriel) October 11, 2023
Notably, with a net worth in the billions, Mohammed bin Salman — the Crown Prince and Prime Minister of Saudi Arabia — has made investments in blockchain gaming through the country’s sovereign wealth fund.
While male An April report from the news website Puck said that Bankman-Fried met with Mohammed bin Salman in Saudi Arabia two weeks before FTX filed for bankruptcy protection. Although Bankman Fried was looking to raise $1 billion for FTX, Saudi investors were willing to contribute regarding $250 million — the same amount requested by a judge for bail following the former CEO was arrested in the United States.
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Ellison will likely continue her testimony until October 11 and until October 12, when Sam Bankman-Fried’s attorneys will question her. At the time of publication, She admitted to fraud During her tenure as president of Alameda, she largely blamed Bankman Fried for misuse of client funds, including directing her To provide misleading financial information For Genesis Lenders.
On the other hand, prosecutors in the criminal trial of Bankman-Fried said they expect to conclude their case on October 26 or 27, following which Sam Bankman-Fried’s lawyers will begin calling witnesses. Note that Bankman-Fried has denied seven criminal charges related to the FTX fraud, in addition to five charges he will face in a March 2024 trial.
Related articles: FTX hacker uses Sam Bankman Fried trial as cover for his moves, according to CertiK platform
Translated by Albayan Gherra
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