Caroline Ellison’s SHOCKING testimony: Admits massive fraud on customers, lenders and investors

Caroline Ellison’s court testimony has now been released. This follows her pleading guilty to seven fraud related charges. She makes astounding admissions in relation to misusing customers’ funds, deceiving lenders and investors, and accounting fraud.

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Time stamps:
* 0:00 Caroline Ellison’s testimony released
* 0:32 Insane borrowing practices and misusing customer funds
* 4:13 It gets worse: Alameda “loaned” money to FTX execs
* 5:36 Accounting fraud: deceiving lenders and investors
* 6:47 Caroline Ellison is sorry. Maybe.
* 7:53 What does this mean for SBF?

#CarolineEllison #FTX

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  1. Crypto was obviously a modern-day Ponzi scheme from the start. A coin's value is equivalent to the electricity needed to mine it, which is about $6000-8000 today. Its skyrocketing value to $60k should have told people right away it was a scam, but the allure of get-rich-quick has fooled yet another generation of idiots. The first few times it reached $60k, countries like Russia and North Korea immediately sold, crashing BTC. If that wasn't enough to scare people, governments like China and India banning crypto should have been a major red flag.
    Sure, some people made money. But only if they jumped in and out at the perfect time. Anyone who went in "long" is basically holding the flaming bag of shit.

  2. I'm confused about this: SBF got rich in the first place by doing brilliant arbitrage trading, which is complex and takes a lot of skill; but the point is: he was already good at trading. So if he knew how to do money-making trading, why did he not fire Ellison after all her trades flopped. Why did he let her continue making bad trades when he could have just called in the good trades that he already knew could be made? It would be one thing if he'd never had success in trading, but he did; so I don't understand why he didn't spot, and get rid of, bad traders. Any insight on this?

  3. Cryto is like "Frequent Flyer Points". It has no equity, title, benefit or value by any legally traceable means. It is illusory consideration. It is a wish and a prayer. Giving your wallet ID to anyone, so as to let them trade your tokens is dangerous. Are they really an exchange? Does Wall Street hold shares being traded. Of course not. Exchanges like FTX,Binance, Etherium, are brokerages, not exchanges. The only exchange to happen will your stuff for theirs. Transactions can take days or weeks or never.
    If they offer $ for $, then the only way that can happen is that they "immediately turn your crypto into $'s upon receipt". They IMPLY that they "sell your crypto to make dollars" when you make a deposit. "Later Value", is a wish and a prayer, that your coin/token will increase in value. Will it? Why would an exchange need to issue coins or tokens? And more importantly, why would an exchange list their own token on their own exchange and no other? There are 60 of these Brokers, so store your wallet, and do the transactions yourself.

  4. Though I think Caroline Ellison is totally complicit, the Justice Dept needs an insider, especially when they cooked the books and communicated through an apps whose messages were not permanent. There are still a few shady figures like Sam Trabucco and Ryan Salame still out there.

  5. I don't know who needs to hear this! Stop relying on the government and savings. Invest some of your money if you want financial stability, the pandemic has thought us the importance of having several streams of income.

  6. Sam's parents were in on it, in fact his father was on his payroll for just over a year! Both of his parents are lawyers and teach "law" at Stanford. It gets worse the farther you go……..

  7. dont know her but dont blame her. blame money. with parents at mit, stanford graduate cant win over money. if we all were her, we would have done the same. dont matter harvard, mit stanford graduate, im sure they all will do the same for $. nothing wrong here. only its just illegal.

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