Alameda Research's former CEO, Caroline Ellison, appeared in court on Wednesday to provide details of the crimes committed by her ex-boyfriend, SBF, at FTX. Ellison stated that, in addition to embezzling customer funds, FTX also bribed the Chinese government with $100 million to unfreeze frozen assets.
After FTX failed to recover the funds through legal means and hired lawyers, they resorted to bribery. They conspired with individuals connected to the Chinese government, such as David Ma, who claimed to have a method to unfreeze $1 billion detained in a money laundering investigation. Sam Bankman-Fried insisted on sending $100 million to undisclosed cryptocurrency addresses based on David Ma's method.
Ellison also described Bankman-Fried's motivations, including buying Snapchat, influencing regulatory actions against Binance, his media investments, and meetings with author Michael Lewis.