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Former Alameda Research CEO Caroline Ellison has disclosed that FTX, a prominent crypto exchange, concealed losses and caused a shortage of funds for its customers. Ellison made this revelation during a conversation with her staff in November 2022. The loans provided by FTX to Alameda Research led to the shortfall, impacting the exchange's customers. This disclosure sheds light on the practices of FTX and raises concerns about the transparency and financial stability of the crypto exchange.
Listen: Former Alameda Research CEO Caroline Ellison tells staff in November 2022 that loans made to the company by FTX led to a shortfall in funds for customers of the crypto exchange https://t.co/EDPbDwW9DG https://t.co/l4kD5ef1fg
Listen: Former Alameda Research CEO Caroline Ellison tells staff in November 2022 that loans made to the company by FTX led to a shortfall in funds for customers of the crypto exchange https://t.co/2yofbErMhp https://t.co/qDbIYI98BX
Listen: Former Alameda Research CEO Caroline Ellison tells staff in November 2022 that loans made to the company by FTX led to a shortfall in funds for customers of the crypto exchange https://t.co/SO1KbI9GWt https://t.co/zXwAivNzJC
"FTX basically always allowed Alameda to borrow user funds as far as I know," Caroline Ellison, heard on a year-old audio recording, told Alameda employees during an all-hands meeting as Sam Bankman-Fried's empire was collapsing. She also laughed. https://t.co/oKW3PC8JdN
In audio of a November 9, 2022 all-hands meeting played in court, Caroline Ellison admitted Alameda Research borrowed funds from FTX customers to repay loans. She then stated that Sam Bankman-Fried, Nishad Singh & Gary Wang were aware of this & that it was Sam's decision.
Former Alameda CEO Caroline Ellison explains how FTX hid losses, sandbagged lenders https://t.co/N0U73omstt by @jacqmelinek
Ellison grew increasingly worried in spring 2022 that Alameda’s reliance on FTX customer funds could lead to catastrophe. She continued to pay back lenders via Alameda’s FTX line of credit – which meant using FTX customer funds – “because Sam told me to.” https://t.co/J63xkTkJH4