Caroline Ellison reveals Sam Bankman-Fried’s presidential aspirations in brief interview.

Former FTX CEO Sam “SBF” Bankman-Fried had aspirations of becoming the President of the United States, according to his ex-girlfriend and business associate Caroline Ellison. Ellison made this revelation during her testimony against Bankman-Fried in court on October 10th. Despite the end of their personal relationship, the two continued to work together at Alameda Research and FTX until November 2022.

During her testimony, Ellison also admitted to participating in fraud under the direction of Bankman-Fried. She claimed that he orchestrated the systems that allowed the hedge fund to take approximately $14 billion from the exchange. Ellison’s testimony was part of a plea agreement with prosecutors.

According to Ellison, between $10 and $20 billion in FTX user funds were funneled to Alameda from 2020 to 2022. This money was used to repay loans, investments, and stablecoin conversions. She further stated that FTX did not disclose Alameda’s line of credit to investors or auditors.

Ellison also revealed that she did not feel qualified to be the CEO of Alameda, but Bankman-Fried insisted that she take on the role. She described him as the person she reported to and someone who had the power to fire her. Additionally, Ellison portrayed Bankman-Fried as having a high-risk tolerance, stating that he was willing to take large coin flips and even talked about being willing to destroy the world as long as a win would make it twice as good.

During her testimony, Ellison disclosed that she received an annual salary of $200,000 and a $20 million bonus in 2021. FTX co-founder and former CTO Gary Wang also testified, admitting to committing crimes alongside Ellison and former FTX engineering director Nishad Singh.

At the time of writing, Bankman-Fried’s lawyers had not cross-examined Ellison. Their defense strategy appeared to focus on shifting some of the blame for FTX’s collapse onto Ellison by claiming that she used the exchange’s funds at her own discretion. Bankman-Fried pleaded not guilty to all charges.

The revelation of Bankman-Fried’s presidential ambitions adds another layer to the ongoing trial, showcasing the complex dynamics and motivations behind his actions. As the trial continues, the crypto community awaits further developments and insights into the alleged fraudulent activities at FTX.

The fallout from this trial could have significant implications for the crypto industry, particularly in terms of trust in exchanges. The collapse of FTX and the allegations of fraud have raised concerns among investors and regulators about the integrity of crypto exchanges. As the industry seeks to establish itself as a legitimate and trustworthy sector, the outcome of this trial will undoubtedly have far-reaching consequences.

It remains to be seen how Bankman-Fried’s presidential aspirations will impact his ongoing legal battle and the future of his career in the crypto industry. As the trial unfolds, the public will continue to closely follow the proceedings and the potential ramifications for both Bankman-Fried and the broader crypto community.

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