The former crypto exchange exec is accused of misappropriating billions of dollars of customer funds for real estate, donations, political contributions and investments.
Looks like everyone is tired β but not asleep! Once the jury was dismissed, Judge Kaplan spoke to both the prosecution and defense. If you need a refresher β a lot happened today! Ellison is set to once again take the stand on Thursday, with Cohen resuming his cross-examination.
The massive loss was due to a margin system malfunction, according to Ellison. No dollar amount was placed on those supposed restitutions. The prosecution specifically showed messages exchanged on Nov. Subscribe to Blockworks Daily. She did, however, speak to prosecutors and law enforcement in December , following the bankruptcy.
Also in December, Ellison pleaded guilty to federal charges and was released on bail. Oh, and a juror in the back row fell asleepβ¦againβ¦earlier this afternoon. Not even spicy allegations can keep them awake! Included in that list was hedging, raising money from Saudi Crown Prince Mohammed Bin Salman, getting more capital from BlockFi more on that in a second , and getting regulators to crack down on Binance.
He also apparently had his eyes on Snapchat. And those Thai sex workers? These funds were frozen by Chinese government officials as part of a money laundering investigation. She called this a bribe earlier in her testimony, a comment stricken from the record by Judge Kaplan. The judge also instructed the jury to disregard this comment. Onto the hopes of an MBS cash injection. Long story short, it never happened, but it was meant to alleviate the heavy debt that Alameda was incurring from open term loans from companies like Genesis and personal loans to Gary Wang, Nishad Singh and Bankman-Fried himself.
