Unchained
SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness?
Oct 13, 2023
In a gripping trial segment, Caroline Ellison stood firm under cross-examination, despite attempts by the defense to cast doubt on her testimony. She revealed Sam Bankman-Fried's plans to acquire Telegram while Alameda misappropriated $14 billion in customer funds. The defense struggled to prove Ellison was in charge, as she clarified SBF's control over the firm. Testimony from Christian Drappi reinforced her statements, while Zac Prince, BlockFi's founder, gave a tantalizing glimpse of his own insights to come.
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Quick takeaways
- Caroline Ellison revealed that Sam Bankman-Fried had plans to buy Telegram, showing his interest in major investments outside of Alameda.
- Former Alameda employee Christian Drappi confirmed that Sam Bankman-Fried was the ultimate decision-maker at Alameda and had direct communication with the trading firm, undermining the defense's attempt to question Ellison's leadership.
Deep dives
Cross-examination of Caroline Ellison
During the cross-examination of Caroline Ellison, the defense team failed to make any new points and often asked repetitive questions. Shocking new facts were revealed, such as Sam Bingman-Fried expressing interest in making a big investment in Telegram. Ellison admitted that Bingman-Fried was not involved in day-to-day decisions and that she considered resigning from Alameda at various points. The defense tried to raise questions about Ellison's leadership and her culpability in securities fraud, but their arguments were undermined by her responses.
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