- The IOG is setting the stage to launch its Midnight Network.
- This network is a privacy-friendly sidechain that uses zero-knowledge proofs (ZKPs).
- Charles Hoskinson, CEO of Cardano and IOG talks about connecting identity with privacy.
As the trial of Sam Bankman-Fried (SBF), CEO of FTX Derivatives Founder, enters its second week, former partner Caroline Ellison accuses SBF of directing her to commit fraud during her tenure as CEO of Alameda Research.
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Indeed, the long-awaited trial with SBF continues to make dramatic reveals as more faces take the stand. The latest of these juicy reveals came from Caroline Ellison, former CEO of Alameda Research.
In detail, Ellison reveals that SBF set up systems that allowed the embezzlement of about $14 billion from FTX customers. Specifically, she states, “Alameda took several billion dollars from FTX customers and used it for investments”, further mentioning that she manipulated balance sheets to downplay the risks.
Ellison’s partnership with SBF, characterized by both personal and professional aspects, raised concerns as their involvement was seen as a contributing factor to the trading platform’s demise. Despite her role in FTX’s issues, Ellison has pleaded guilty to the charges and is expected to receive a lighter sentence for her cooperation with the government.
SBF’s legal troubles continue as many witnesses testify against him. Although the trial doesn’t seem to favor him, his lawyers may have the opportunity to cross-examine some witnesses, with Gary Wang’s official court filing already submitted.
Will SBF Finally be Brought to Justice?
The fall of FTX along with the collapse of Terra LUNA were arguably the two biggest incidents that triggered crypto winter. Not only did these events land a huge hit, but they also prolonged what is likely the longer crypto winter so far.
Many in the crypto industry have expressed their distaste for both SBF and Do Kwon. In fact, some members of the community voiced that they’d like to see the both of them in the same prison cell.
So far, SBF has escaped many fraudulent activities due to privilege brought by his wealth and lineage. Many crypto leaders have called out this unfairness and are hoping to see SBF finally brought to justice.
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