2023-10-12
PART 3: THE HACKS or How poor security practices at Alameda Research caused the company to lose hundreds of millions of dollars (1/n) 🧵 #SBF #FTX [image]
Bloomberg
US v. SBF: Caroline Ellison says SBF asked her to make false balance sheets to hide debt, he considered offering FTX shares to the Saudi crown prince, and more
Caroline testified that SBF ordered her to use FTX customer funds to cover up for Alameda's losses — and to lie to lenders about it. She was in a “constant state of dread” about t...
Incident #1: An Alameda trader got phished while trying to complete a DeFi transaction by accidentally clicking a fake link that had been promoted to the top of Google Search results Cost: $100M+ Postmortem: Implemented extra checks on our internal wallet software
Bloomberg
US v. SBF: Caroline Ellison says SBF asked her to make false balance sheets to hide debt, he considered offering FTX shares to the Saudi crown prince, and more
Caroline testified that SBF ordered her to use FTX customer funds to cover up for Alameda's losses — and to lie to lenders about it. She was in a “constant state of dread” about t...
2023-10-11
Caroline Ellison's compensation in 2021: $200k salary $20M bonus $10M for startup investments $100k loan to parents $2M for her donor-advised fund 0.5% equity in FTX
New York Times
Caroline Ellison testifies that SBF “directed” her to commit crimes, like using FTX client funds for Alameda Research's venture investments and loan repayments
Ms. Ellison, who also dated Mr. Bankman-Fried, is the government's star witness in the criminal fraud trial of the founder of the FTX crypto exchange.