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SBF’s Trial Bombshell: Star Witness Caroline Ellison Details Scheme To Suppress Bitcoin Below $20,000 ThresholdAdvertisement
Caroline Ellison, the former head of Sam Bankman-Fried’s crypto hedge fund Alameda Research and prosecutor’s star witness in the criminal fraud case against the disgraced FTX founder, claimed in court that there was a plot to manipulate the Bitcoin price by selling the crypto if it exceeded the $20,000 level.
BTC Price Manipulation Plot Exposed
In the most salacious bit of testimony on Sept. 11, Sam Bankman-Fried’s former colleague and ex-girlfriend Caroline Ellison, shed light on one of the notes from a conversation with SBF in which she wrote: “Keep selling BTC if it’s over $20K,” implying a calculated move to stifle Bitcoin’s price. Prosecutors questioned her about the motive behind such efforts and their effects on the market.
AUSA: What are these?
Ellison: Notes from a conversation with Sam. I wrote, keep selling BTC if its over $20K.
AUSA: You wrote, FTX may raise. What does that mean?
Ellison: Raise capital by selling equity, to get more money. To investors like MSB, the Saudi Prince
— Inner City Press (@innercitypress) October 11, 2023
Ellison, who ran Alameda Research, admitted to committing fraud related to the implosion of the FTX crypto exchange last year. Part of the 28-year-old’s plea deal with the government entails cooperating with the prosecution’s case against his former boss, Bankman-Fried.
Ellison also dropped other explosive allegations during her testimony. She revealed that at the direction of SBF, Alameda Research took a whopping roughly $13 billion from customers’ of the now-bankrupt FTX exchange by September 2022. The borrowed funds were allegedly used to repay loans, with other funds being funneled toward “investments and political donations”.
Bribing Chinese Officials
Ellison also spoke about paying a huge bribe to Chinese officials to access funds that had been locked on exchanges.
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The Chinese government froze Alameda/FTX’s funds in response to a money laundering probe that did not involve both entities, she told the court.
They hired a lawyer in China to try and get the funds unfrozen, but he ultimately failed. Ellison said they then decided to send around $150 million in crypto to accounts which, to her understanding, belonged to Chinese government officials. Notably, the former Alameda CEO used coded language when reporting it to Bankman-Fried.
Market observers and the cryptocurrency community will be closely following SBF’s trial, which is expected to last six weeks, for any new bombshells regarding the Bitcoin price manipulation scheme and possible repercussions for crypto crook Bankman-Fried, Ellison.
Bulls are finding it difficult to maintain Bitcoin’s price above $27,000 as intensifying Israel-Hamas tensions dampen investor confidence. Although BTC is far off its historic high of $69,044 reached in 2021’s bull market, the benchmark crypto is still trading up 67% since the beginning of the year.
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此次 BOMB 由 Ourbit 携手三大一线交易所联合首发，Ourbit 以 Memecoin 流动性与快速上币节奏见长，助力新币获得深度流动性与 Degen 社群关注。Binance Alpha 新增 BOMBTechub News 消息，Binance Alpha 新增 BOMB。币安：BOMB TGE 活动积分门槛为 238 分Techub News 消息，币安宣布 Bombie 代币 BOMB TGE 活动积分门槛为 238 分，参与本次 TGE 活动将消耗 15 积分。币安钱包将上线 BOMB TGE 活动Techub News 消息，币安钱包将于香港时间 6 月 17 日 16:00-18:00 上线 Bombie 代币 BOMB TGE 活动。Advertisement Caroline Ellison, the former head of Sam Bankman-Fried’s crypto hedge fund Alameda Research and prosecutor’s star witness in the criminal fraud case against the disgraced FTX founder, claimed in court that there was a plot to manipulate the Bitcoin price by selling the crypto if it exceeded the $20,000 level. BTC Price Manipulation Plot Exposed In the most salacious bit of testimony on Sept. 11, Sam Bankman-Fried’s former colleague and ex-girlfriend Caroline Ellison, shed light on one of the notes from a conversation with SBF in which she wrote: “Keep selling BTC if it’s over $20K,” implying a calculated move to stifle Bitcoin’s price. Prosecutors questioned her about the motive behind such efforts and their effects on the market. AUSA: What are these? Ellison: Notes from a conversation with Sam. I wrote, keep selling BTC if its over $20K. AUSA: You wrote, FTX may raise. What does that mean? Ellison: Raise capital by selling equity, to get more money. To investors like MSB, the Saudi Prince — Inner City Press (@innercitypress) October 11, 2023 Ellison, who ran Alameda Research, admitted to committing fraud related to the implosion of the FTX crypto exchange last year. Part of the 28-year-old’s plea deal with the government entails cooperating with the prosecution’s case against his former boss, Bankman-Fried. Ellison also dropped other explosive allegations during her testimony. She revealed that at the direction of SBF, Alameda Research took a whopping roughly $13 billion from customers’ of the now-bankrupt FTX exchange by September 2022. The borrowed funds were allegedly used to repay loans, with other funds being funneled toward “investments and political donations”. Bribing Chinese Officials Ellison also spoke about paying a huge bribe to Chinese officials to access funds that had been locked on exchanges. Advertisement The Chinese government froze Alameda/FTX’s funds in response to a money laundering probe that did not involve both entities, she told the court. They hired a lawyer in China to try and get the funds unfrozen, but he ultimately failed. Ellison said they then decided to send around $150 million in crypto to accounts which, to her understanding, belonged to Chinese government officials. Notably, the former Alameda CEO used coded language when reporting it to Bankman-Fried. Market observers and the cryptocurrency community will be closely following SBF’s trial, which is expected to last six weeks, for any new bombshells regarding the Bitcoin price manipulation scheme and possible repercussions for crypto crook Bankman-Fried, Ellison. Bulls are finding it difficult to maintain Bitcoin’s price above $27,000 as intensifying Israel-Hamas tensions dampen investor confidence. Although BTC is far off its historic high of $69,044 reached in 2021’s bull market, the benchmark crypto is still trading up 67% since the beginning of the year. Ads by Cointraffic
