JAKARTA - FTX bankruptcy trial involving Sam Bankman-Fried, founder of FTX, was in the spotlight when former Hedge Fund CEO Alameda Research, Caroline Ellison, was scheduled to testify on Tuesday, October 10.
This case includes allegations that Bankman-Fried abused FTX customer funds for personal gain and was involved in high-risk trading practices. For information, Alameda Research is a partner company for FTX.
Ellison is the latest witness in this series of trials, after a shocking testimony from Gary Wang, co-founder of FTX who pleaded guilty to fraud allegations last December. Wang revealed that Bankman-Fried ordered him to code allowing Alameda to use $8 billion (approximately Rp125 trillion) of FTX customer funds without their consent.
Scandal involved FTT tokens, FTX original tokens, also central to the trial. Bankman-Fried allegedly ordered Alameda to use FTX customer funds to purchase FTT, with the aim of increasing the price and popularity of the token.
Unfortunately, this strategy reversed when Alameda detained many FTTs as loan guarantees, sparking doubts about FTX and Alameda's stability and solvency. This led to a massive sell-off of the FTT, including a $50 million divestment (Rp784 billion) by Binance, the main competitor to FTX.
The testimony to be given by Ellison has the potential to change the course of the FTX trial. During this trial, it has been revealed the market manipulation tactics used by FTX and Alameda, and Ellison's testimony can reveal the relationship between Bankman-Fried, FTX, and Alameda Research more clearly.
Ellison will testify to his role as former CEO of Alameda Research, and may also reveal previously undisclosed information and scandals.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any
investments made based on the information provided in this article. Cryptocurrencies are highly volatile
and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us
immediately (info@kdj.com) and we will delete it promptly.
