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Former CEO of Alameda, Caroline Ellison: Regulatory authorities promised to fiercely crack down on Binance CEO SBF

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Former CEO of Alameda, Caroline Ellison: Regulatory authorities promised to fiercely crack down on Binance CEO SBF

During her testimony on the second day in court, Caroline Ellison revealed more information. While she tearfully expressed her deep sorrow for all those who trusted them, SBF continued typing on his laptop as usual.

Terra Collapse Sparks Crisis, SBF Seeks Assistance from Saudi Prince

According to CoinDesk, Caroline Ellison testified that the collapse of Terra in May 2022 led SBF to consider shutting down Alameda. Additionally, with Genesis starting to demand payments since June, SBF contemplated selling FTX equity to the Saudi Prince to raise $1 billion.

She added that SBF also attempted to seek more funding from BlockFi.

Anonymous Rumors in Chaos! Speculation of BlockFi Acquired by FTX for $25 Million, Founder: Absolutely Not True

SBF Once Spent $100 Million to Bribe Chinese Officials

Caroline Ellison revealed that she and several executives at Alameda once bribed Chinese officials to ensure the smooth withdrawal of assets locked in China.

This incident was mentioned in a previous lawsuit against SBF, where the bribery amount was stated to be $40 million at the time. However, according to Caroline Ellison's latest statement, the amount reached $100 million.

They also attempted to create accounts under false identities as "Thai prostitutes" to circumvent withdrawals, but failed again. Finally, after Caroline Ellison paid $100 million to a crypto account, the withdrawal was successful.

Crackdown on Binance through Regulatory Agencies

A year ago, SBF's top priority was to "crack down on Binance through regulatory agencies," believing this would further increase FTX's market share.

However, Caroline Ellison did not disclose the details of this plan by SBF, only stating that regulatory agencies had been promising SBF that this action would take place at some point.

Binance CEO Changpeng Zhao CZ retweeted this news, quoting Jack Ma:

Forget about your competitors, focus on your customers.