Caroline Ellison, star witness in SBF Trial, remains unshaken by defense's attempts to discredit her. Ellison reveals SBF's plans to buy Telegram and emphasizes his control over Alameda. Former employee Christian Drappi corroborates Ellison's account. Zach Prince, founder of BlockFi, briefly testifies. Tense cross-examination, doubts raised about Ellison's leadership, and further analysis of trial clips.

Gabriel Shapiro, general counsel at Delphi Labs, joins the crew to discuss the criminal trial of Sam Bankman-Fried. They explore his defense strategy, the weaknesses of centralized exchanges, and the role of VCs in the FTX investment. They also analyze SBF's alleged sociopathic tendencies and his understanding of technical components of crypto.

Day 6 of the SBF trial featured emotional testimony from Caroline Ellison, revealing financial chaos, alleged bribes, and desperate actions. Ellison discussed manipulation of balance sheets, use of customer funds, and secretive culture within Alameda. The podcast also explores disappearing messages, FTX implosion, and ethical compromises.

Caroline Ellison, former CEO of Alameda Research and SBF's ex-partner, reveals alleged financial mismanagement at Alameda and FTX. Topics discussed include hidden trading of FTT, warnings about inability to pay lenders, risk analysis, and defense arguments. Testimony aimed at preempting defense's argument of Alameda's need to borrow customer funds.

The first week of the trial of former FTX CEO Sam Bankman-Fried has concluded with powerful testimonies that are forming the prosecution's arguments. The defense may face challenges in defending Alameda's special privileges, choosing the first witness, and dealing with upcoming key witnesses. The defense's opening was stronger, but their 'building a plane as you're flying' analogy may backfire. The witness testimony is helping the prosecution build its case. The defense faces challenges in advocating for their client and dealing with evidentiary rulings. The episode explores the government's fraud theory, the composition of the jury, witness credibility, and damning evidence against the defense.

Gary Wang testifies about Alameda's special privileges programmed into FTX's code, including the ability to have a negative balance and borrowing $8 billion from the exchange. He reveals details about FTT and concerns about boosting Alameda's balance on the site. Judge Kaplan expresses annoyance and there is mention of upcoming testimony and the trial continuing after the holiday.

Sam Bankman-Fried, creator of FTX and defendant in the trial, discusses key takeaways from the trial, surprising testimonies, and how the prosecution and defense plan to present SBF to the jury. Topics include the basics of the case, the argument of fraud, SBF's intent, the $8 billion hole in the FTX balance sheet, and corporate governance issues.

Former FTX software developer, Paradigm co-founder, and FTX and Alameda co-founder discuss FTX's code bug, lack of corporate controls, financial crimes, and implementations for Alameda. Yedidia's emotional account reveals why he changed his beliefs about FTX.

The podcast discusses the opening statements of the prosecution and defense in Sam Bankman-Fried's trial, portraying him as power-hungry and discussing how he mishandled customer funds. The upcoming witnesses include Matt Huang, a crypto VC firm co-founder, and Gary Wang, a former FTX CTO. The trial could have far-reaching implications for the crypto industry.

Author Michael Lewis discusses his new book on Sam Bankman-Fried, including wild claims and the debate on SBF's effective altruism. The hosts also touch on Ethereum's protocol, FTX's downfall, Lido's centralization risk, and predictions for the upcoming SBF trial.