A recording of a meeting Caroline Ellison had with Alameda Research staffers as the firm was imploding was played for the court on Thursday
Following Caroline Ellison's testimony in the Sam Bankman-Fried trial on Thursday, the jury heard a recording of a meeting she held with Alameda staffers."FTX basically always allowed Alameda to, like, borrow user funds, as far as I know," she said on the recording.
The prosecution played multiple clips from the recording, and the defense team played one in cross-examination. Drappi asked Ellison if Alameda's loans were collateralized through the spot margin group. She said they weren't, and Drappi said,"That seems pretty bad."He was asked in the courtroom to explain YOLO, and said,"It's an acronym for 'you only live once.'"
When she was asked by a staffer whose idea it was to plug Alameda's loan losses with FTX customer money, she said,"Um, Sam, I guess," and giggled. In his testimony, Drappi said he observed Bankman-Fried working at the Hong Kong office and sat about 40 feet from him there for a couple months. The two hung out some out of the office, including to play padel, a hybrid of tennis and squash.
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