Caroline Ellison Admits Hiding Alameda Research Loans from FTX in Billion of Dollars.

Caroline Ellison was once a successful CEO, running the hedge fund Alameda Research and overseeing billions of dollars in assets. But things took a turn for the worse when she and her colleagues were implicated in a fraud case involving their exchange platform, FTX.

According to the transcript of her December 19th plea hearing, unsealed and reported on by Reuters, Ellison admitted to hiding billion-dollar loans from FTX. SBF and Ellison prepared fake quarterly balance reports that hid the extent of Alameda’s borrowing and the loans that were made to FTX executives and related parties.

Caroline Ellison and the other executives, including FTX founder Sam Bankman-Fried, had received these loans from Alameda Research and the crypto hedge fund was able to borrow unlimited assets from the exchange platform. This contributed to the misappropriation of customer funds and the disappearance of millions in assets, leading to the indictment and arrest of Ellison, Bankman-Fried, and others.

As part of her plea agreement, Ellison is now cooperating with prosecutors and providing them with information and testimony. However, Sam Bankman-Fried has not entered into plea negotiations and has maintained his innocence in the case. He was released on $250 million bail on Thursday and placed under the custody of his parents.

It remains to be seen how the case will ultimately be resolved and what consequences Caroline Ellison and Sam Bankman-Fried will face for their actions. But one thing is clear: the events of the past few months have shed light on the more need for increased transparency and accountability in the crypto industry. As digital currencies continue to gain in popularity and use, it is essential that strong measures are put in place to protect consumers and ensure the integrity of these financial instruments.


Please enter your comment!
Please enter your name here


MetaVerse Zeus



Seedify Announces Metaverse Launch dubbed Resourced Lands.

Seedify has said that Resourced lands are now open for business. Seedify Meta Studios says that the Metaverse will have several new ideas that...

How did Reddit grow as one of the largest NFT Marketplaces in just 4 months?

Reddit NFT avatars are especially useful for social media because they can be used to prove who you are. "Because it's the only one...

How do I find NFT metadata on OpenSea and Rarible?

Anyone with even little to no knowledge can find NFT metadata on OpenSea and Rarible with the right API, contract address, and token id. NFTs...

Massive Capital Investing Is Not the Future of NFT Gaming.

NFT gaming can be revolutionary, not just because they let speculators make money but also because they make it possible for many people to...

Official Marvel’s NFT partner VeVe shuts down its marketplace after being hacked.

Gems are the VeVe in-app currency that users can use to trade for collectibles in the Market or during drops, and hackers use the...