NEW YORK — Disgraced crypto wunderkind Sam Bankman-Fried was the mastermind behind a scheme to defraud FTX clients of billions of dollars, the star witness in his US trial testified on Tuesday (Oct 10).
Caroline Ellison, Bankman-Fried's former business partner and girlfriend, said that they had stolen"around US$14 billion " from clients of the cryptocurrency trading platform before it collapsed into bankruptcy late last year.
Ellison, a Stanford University mathematics graduate, was appointed by Bankman-Fried in 2021 to head Alameda, whose activities were largely financed by money from customers of FTX — without their knowledge. Bankman-Fried"was the one who set up the system" that saw Alameda take the client money from FTX and use it"for investments and to pay back debts”, she said.
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