FTX founder Sam Bankman-Fried testified Monday that the collapse of the cryptocurrency exchange was precipitated by the head of his Alameda Research trading firm failing to adequately hedge against a downturn in the market.
Testifying in his defense for a second day, the 31-year-old former billionaire said that he asked Caroline Ellison — chief executive of Alameda Research and his former romantic partner — to make trades that would offset the risk of falling cryptocurrency prices starting in mid-2022.
Ellison is one of three of Bankman-Fried's former close confidantes who pleaded guilty and testified for the prosecution. Cooperating witnesses earlier told the jury that Bankman-Fried posted or directed others to post misleading messages on social media to give customers false assurance about FTX's health in a bid to stop a run on deposits.
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