During the trial of Bankman-Fried, defense counsel Mark Cohen questioned Ellison, the former CEO of Alameda, about her client's absence for extended periods while at the company. A couple of accounting firms were engaged by Alameda in 2021 and 2022, but they ultimately declined to work with the company after reviewing its books. Ellison revealed that initially, Ryan Salame, the former CEO of FTX Digital Markets, had prepared Alameda's balance sheets, but she later took on this responsibility. Cohen also inquired about disputes among Alameda employees prior to Ellison joining the company in 2018, although no further details were shared. Ellison described her evolving ambition during her tenure at Alameda, contrasting her initial non-ambitious nature.
Prosecutor Danielle Sassoon challenged this narrative by questioning Ellison about her discussions with Bankman-Fried regarding Alameda's financial position leading up to FTX's collapse. These conversations extensively involved an analysis Ellison had compiled of Alameda's financials, in response to Bankman-Fried expressing interest in investing in more venture projects. Despite Ellison's recommendation against it, Bankman-Fried announced new venture investments in January 2022. Ellison acknowledged that she should have hedged Alameda's risks earlier in the year but explained that Bankman-Fried's numerous investments had placed the company in an unstable financial state.