Caroline Ellison's testimony states that SBF instructed Alameda to misappropriate FTX customer funds

ChainCatcher news, according to CoinDesk, former Alameda Research CEO Caroline Ellison testified in court that it was FTX founder Sam Bankman-Fried who instructed her to commit crimes. Ellison stated that Alameda misappropriated FTX customer funds for investments and political donations; after being appointed CEO of Alameda Research, she continued to report to SBF, and despite her requests, she did not have equity in Alameda, owning only a small portion of FTX; SBF instructed them to borrow as much money as possible and had mentioned wanting to buy more FTT.

SBF's lawyer stated in last week's opening remarks that Caroline Ellison ignored SBF's instructions to hedge Alameda's trades, which could have mitigated some losses.