Second week of SBF’s trial was a torrent of damning evidence, testimony for the former billionaire

Second week of SBF’s trial was a torrent of damning evidence, testimony for the former billionaire

Oct. 14, 2023

By Assad Jafri

The second week of Sam Bankman-Fried’s criminal trial has seen pivotal testimonies and intense courtroom drama.

The prosecution came out swinging and presented multiple witnesses who were once members of SBF’s inner circle at FTX, including former Alameda Research CEO Caroline Ellison and former FTX CTO Gary Wang.

Wang concluded his testimony at the start of the week, shedding light on a significant memo SBF sent out before FTX’s downfall. Meanwhile, Ellison’s testimony spanned multiple days and consisted of revelations that were both dry and dramatic for the courtroom.

BlockFi CEO Zac Prince took the stand on Oct. 13 to close out a tumultuous week.

Ellison’s damning revelations

The week commenced with the spotlight firmly on Ellison, who the court found out had a complicated personal and professional relationship with SBF. The crux of her testimony revolved around the claim that SBF had personally directed her to engage in the criminal activities that occurred at Alameda Research — namely, the misuse of billions of dollars worth of customer funds.

Ellison’s narrative became central midweek as she opened up about her rollercoaster relationship with SBF. Delving into the last days of FTX, she branded it as the “darkest period” of her life, confessing that she and SBF had illicitly funneled billions from FTX’s customer accounts to Alameda Research.