SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison?
b"Caroline Ellison, former CEO of Alameda Research and SBF's ex-partner, took the stand to reveal the alleged financial mismanagement at Alameda and FTX, which she claimed was at Bankman-Fried\\u2019s direction. The cross examination of Gary Wang finally began to show how SBF\\u2019s lawyers plan to defend him, though Wang largely appeared to be a yes man who simply trusted and followed his friend and co-founder.\\n\\nEllison's revelations included Alameda's hidden trading of FTT to prop up its price, her warnings to SBF about Alameda\\u2019s inability to pay back its lenders if he put billions more into venture investments, and his views on risk and \\u201cexpected value.\\u201d For instance, she claimed he said if, with a coin toss came up tails and would mean Earth\\u2019s destruction, he would toss the coin if there it was twice as likely that it would more than double prosperity on Earth. However, her testimony seemed designed to preemptively rebut the defense\\u2019s potential argument that Alameda needed to borrow customer funds because she had not hedged.\\xa0\\n\\nCatch up on Unchained\\u2019s previous coverage:\\xa0\\n\\nSam Bankman-Fried Trial: Here\\u2019s Everything That Happened So Far\\n\\nSBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF\\u2019s Family\\n\\nSBF Trial, Day 2: DOJ Says Sam Bankman-Fried \\u2018Lied\\u2019 While Defense Claims His Actions Were \\u2018Reasonable\\u2019\\n\\nSBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact\\n\\nSBF Trial, Day 4: SBF\\u2019s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda\\u2019s Special Privileges\\n\\nDid Sam Bankman-Fried Have Intent to Defraud FTX Investors?\\n\\nHere\\u2019s How Sam Bankman-Fried\\u2019s High-Stakes Trial Could Play Out\\n\\nSBF Trial: How Sam Bankman-Fried\\u2019s Lawyers Might Try and Win His Case\\n\\nThe High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect\\n\\nIn the SBF Case, Elite Corruption Is What\\u2019s Really on Trial\\n\\n\\nLearn more about your ad choices. Visit megaphone.fm/adchoices"