Former Alameda CEO: SBF once asked him to prepare 7 different balance sheets to hide billions of dollars in loans

2023-10-11 23:19:40

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ChainCatcher news, SBF allegedly asked former Alameda CEO Caroline Ellison to come up with different ways to hide billions of dollars in loans on Alameda's balance sheet.

In testimony on October 11, the former CEO of Alameda Research described what she and SBF did before meeting with Matt Ballensweig, co-head of trading and lending at the cryptocurrency lending firm Genesis, who requested updated information about Alameda's balance sheet.

Caroline Ellison stated, "SBF said not to send the balance sheet to Genesis." "We borrowed $10 billion from FTX and provided $5 billion in loans to our own executives and affiliated entities. We thought Genesis might share this information."

"He asked me to come up with other ways to present the information. He wanted me to conceal some things on the balance sheet. So I prepared seven different balance sheets. I didn't want to be dishonest, but I presented alternatives to SBF and let him decide." According to court testimony, this incident occurred on June 19, 2022.

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