Former Alameda CEO Caroline Ellison revealed more information when she testified for the second time. In order to prevent Alameda's financial difficulties from scaring lender Genesis, Caroline Ellison produced seven different balance sheets. SBF even suggested that Alameda employees hold shares Some SRM tokens are included in the balance sheet.
Genesis debt collection is the beginning of FTX’s bankruptcy
SBF blamed Alameda's low profitability on Caroline Ellison. She admitted that better hedging strategies should have helped Alameda cope with the crypto winter, but Alameda's large number of loans and the large amount of credit (user funds) borrowed from FTX were the main reasons for the bankruptcy.
Caroline Ellison revealed that the lending institution Genesis began requiring Alameda to repay the loan in June. At the request of SBF, she misappropriated FTX user funds to repay part of the loan.
In September 2022, Alameda's liabilities on FTX reached $13.7 billion.
Seven forged balance sheets, employee assets were also included
Also at the request of the SBF, Caroline Ellison produced seven different balance sheets so as not to scare Genesis with Alameda's financial woes.
SBF even suggested at one point including SRM tokens held by Alameda employees on its balance sheet.
However, it is obvious that the forged balance sheet is still unconvincing, especially since it holds a large amount of FTT and Solana series currencies. In addition, SBF did not respond to CoinDesk's reports at that time, which made FUD more and more intense, and eventually a large number of users A run began and FTX declared bankruptcy.
(Alameda's balance sheet has outflows, and it holds 60% of FTT's total circulation. It is suspected that it will be insolvent if there is another big fluctuation)
SBF’s afro is a career treasure
Prosecutors had shown photos of SBF in court and asked Caroline Ellison to describe them.
She recalled that SBF didn't focus on his appearance. He looked scruffy and didn't cut his hair often. There was a reason for this, because the media and investors often regarded SBF's appearance as a typical Silicon Valley nerd, like a guy who only I know how to write code but don't care about famous brands and sports cars.
And this is the image the SBF wants, says Caroline Ellison:
SBF says he gets more dividends because of his haircut, which is very valuable to his career. This is also helpful for FTX's image, which is why we changed FTX's company car from luxury cars to low-priced brands such as TOYOTA and HONDA.
This article SBF’s ex-girlfriend reveals again: Forged seven balance sheets, SBF regards the afro hair style as a career treasure. First appeared on Chain News ABMedia.
