Sam Bankman-Fried, the collapsed crypto exchange FTX’s founder, harbored ambitions to one day become president of the United States. SBF’s intentions to run for president were shared by his former girlfriend, Caroline Ellison. Testifying for the prosecution in his fraud trial last week, Caroline Ellison claimed SBF wanted to be US president after their romantic relationship ended. The two remained business partners at FTX and Alameda Research until last November. Ellison admitted to defrauding FTX customers by improperly diverting billions in user funds to Alameda under Bankman-Fried’s direction. She said SBF enabled Alameda to take around $14 billion from FTX over several years. The transfers were used to repay loans, investments, and stablecoin conversions, Ellison testified. She said FTX concealed Alameda’s credit line from investors and auditors. In 2021, Ellison received a $20 million bonus on top of her $200,000 salary. Former FTX CTO Gary Wang also took the stand, admitting to crimes with Ellison and ex-director Nishad Singh. While the full extent of his political aspirations is unclear, SBF’s reported presidential goals hint at grander visions beyond just dominating crypto. The unraveling of his companies has shattered those ambitions for now, as he faces up to 115 years in prison if convicted on all counts. Ellison’s cooperation comes as part of a plea deal with prosecutors in the sweeping fraud case against Bankman-Fried. Her testimony aims to solidify allegations that SBF orchestrated FTX’s multibillion-dollar collapse.
Sam Bankman-Fried, the founder of collapsed crypto exchange FTX, had ambitions of running for President of the United States. His former girlfriend, Caroline Ellison, testified for the prosecution in his fraud trial that SBF wanted to be US president. It was revealed that Ellison had improperly diverted billions of user funds to Alameda Research under Bankman-Fried’s direction. Ellison received a bonus of $20 million on top of her salary of $200,000. Bankman-Fried’s reported presidential goals hint at grander visions beyond just dominating crypto, but his companies have unraveled, leaving him to face up to 115 years in prison if convicted on all counts. Ellison is cooperating with prosecutors in order to solidify allegations that SBF orchestrated FTX’s collapse.
This is bad news for Sam Bankman-Fried, as his plans to run for President of the United States have been derailed. He is now facing the possibility of 115 years in prison for all the crimes he is charged with. Caroline Ellison is cooperating with prosecutors in order to solidify the allegations that SBF orchestrated FTX’s collapse, which could help put an end to the case. #SBF #FTX #CarolineEllison #CryptoExchange
You can read more about this topic here: Watcher Guru: Caroline Ellison Reveals that SBF Had US Presidential Aspirations
