Caroline Ellison to testify against ex-crypto billionaire

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Caroline Ellison to testify against ex-crypto billionaire

Caroline Ellison, a former cryptocurrency billionaire, is expected to start testifying against the former billionaire, who is accused of stealing billions from customers.

As the former head of Alameda Research, Bankman-Fried's crypto trading firm, is said to have played a crucial role in the scheme.

The firm was once one of the world's biggest platforms where crypto investors could buy and trade digital currencies. In November, the property went bankrupt, with more than $8bn reported missing.

Bankman-Fried stole billions in customer money through Alameda, which had an accounts at the firm that allowed it to withdraw virtually unlimited money.

He allegedly used the funds to buy properties, make political donations and fund Alameda, which made risky bets in crypto that caused trouble when crypto markets soured in 2022.

She has admitted to a variety of charges, including lying about the relationship between the two firms, in hopes of a reduced sentence.

Mr Bankman-Fried's lawyers have argued that Alameda's relationship with FTX was characterised by business practices that were reasonable, given its role helping to ease trading on the platform.

In their opening arguments, they said that the firm's problems were fuelled by Ms Ellison's failure to heed Bankman-Fried's warning to protect the firm against turmoil in the crypto markets.

Ms. Ellison's account is expected to be coloured by her on-off romantic relationship with Mr Bankman-Fried, which was a source of stress for both, according to filings from prosecutors and her own writings which Mr Bankman-Fried shared with the New York Times over the summer.

So he was forced to await trial in jail after Judge Lewis Kaplan ruled that the move amounted to witness intimidation.