SBF testifies that FTX’s collapse was caused by Caroline Ellison’s failure to adequately hedge against market declines

PANews October 30 news, according to Reuters, FTX founder Sam Bankman-Fried (SBF) testified on Monday that the collapse of the crypto exchange was caused by the failure of Caroline Ellison, head of its Alameda Research trading company, to adequately hedge against the market downturn. He said that he asked Caroline Ellison to trade to offset the risk of falling cryptocurrency prices from the medium term. SBF said in response to questions from defense lawyers: "Ellison agreed that Alameda should hedge and said that some risky investments should not be made."