Ex-Girlfriend Incriminates SBF | Crypto Investors Down On Regulation

A blockchain approach to intellectual-property management could bring about collaboration with fans.

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Nina Bambysheva Senior Reporter, Forbes Money & Markets
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Steven Ehrlich Director, Forbes Digital Assets
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CAROLINE ELLISON SAYS BANKMAN-FRIED ‘SET UP THE SYSTEM’

Sam Bankman-Fried’s former paramour and a top corporate lieutenant in the failed FTX empire offered damning testimony in his criminal trial last week. Caroline Ellison, who was CEO of the Alameda Research hedge fund affiliate, said Bankman-Fried “is the one who set up the system to allow Alameda to take money,” according to reporters present in the Manhattan courtroom.

Bankman-Fried, who is charged with fraud and money laundering in connection with the November collapse of FTX “directed” Ellison to “commit these crimes,” she testified, resulting in Alameda borrowing billions of dollars worth of FTX customer funds to cover a $14 billion loss. Ellison has already pleaded guilty to related charges.

While her testimony seemed to help build the prosecution’s case, the defense cross-examination was weak, according to the Verge.

Ellison also revealed that Bankman-Fried had told her that he believed there was a 5% chance he could be elected as president of the U.S.

HIDDEN IN PLAIN SIGHT IN A SUIT

As soon as Ellison was sworn in as a witness, the prosecutor asked her to identify Bankman-Fried. As Slate reported it, “She stood up and spent a dramatic moment gazing across the courtroom, humming and moving her shoulders, yanking on her coat flaps, before finally pinpointing her former compatriot.”

The Stanford math major apparently was thrown by Bankman-Fried’s courtroom restyling, which included a suit rather than his usual cargo shorts and the taming of his famously unruly hair.

CURRENT PRICE OF TOP 5 COINS (7-Day % Change)

Coin

Price

Percent Change

Bitcoin (BTC)

$26,769

3.9%

Ether (ETH)

$1,544

5.7%

Tether (USDT)

$1.00

0%

Binance Coin (BNB)

$205

3.3%

XRP (XRP)

$0.48

7.7%

Source: CoinGecko. Prices as of 4:00 p.m. on October 13, 2023.

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INVESTORS PREFER MARKET-BASED SECURITY OVER REGULATION

Market-based improvements to cryptocurrency safety are more likely to draw wary investors to digital assets than better regulation, a recent survey covering nine countries found.

The availability of insurance against theft and loss was the most popular confidence booster identified in the "Securing the Future of Cryptocurrencies 2023" report by Coincover, a Cardiff, Wales, company that offers blockchain protection services. Insurance was cited as one of the top three by 38% of the 16,316 respondents in the poll. Improved cybersecurity was a close second at 37%, followed by the ability to recover lost private-key passwords and accounts, 31%.

ELSEWHERE

Tether Stablecoin Firm Appoints CTO Paolo Ardoino As CEO

Cointelegraph