News View Non-AMP

Sam Bankman-Fried Was Manipulating Bitcoin Price to Stay Under $20,000, Ellison Claims

Published by
Qadir AK

In a gripping courtroom drama, Caroline Ellison, the former head of Alameda Research and Sam Bankman-Fried’s ex-girlfriend, has made some startling revelations that are causing quite a stir in the cryptocurrency world. Her recent testimony has ignited allegations of a scheme to influence Bitcoin prices by selling BTC once it crosses the $20,000 threshold.

To back up her claims, she presented a message that simply read, “Keep selling BTC if it’s over $20K,” hinting at a deliberate effort to keep Bitcoin’s value from rising too high.

Troubling Secrets Revealed

Ellison’s testimony didn’t stop there; it also unveiled some other worrisome activities happening within FTX. She disclosed that under the direction of Sam Bankman-Fried, Alameda Research had borrowed a staggering $13 billion from FTX customers by September 2022. This raised serious questions about what this massive sum was used for and whether there were any conflicts of interest involved.

The Genesis Loan Controversy

Ellison’s testimony also brought to light discussions involving Genesis, a retail lending platform. According to her, Genesis was on the verge of financial collapse and had requested a substantial $500 million from FTX. Ellison claimed that Bankman-Fried instructed her to transfer the funds to Genesis, despite her doubts about the transaction’s legitimacy.

These revelations have cast a shadow over Sam Bankman-Fried’s reputation and raised concerns about FTX’s integrity.

Challenging Ellison’s Testimony

As the trial unfolds, the defense’s strategy becomes increasingly apparent. Earlier on, Judge Kaplan rejected a request from Sam Bankman-Fried’s legal team to present evidence regarding the role of lawyers in arranging loans provided by Alameda Research. This request was aimed at challenging the testimony of Gary Wang, the former Chief Technology Officer of FTX.

The defense’s actions are in response to their request to cross-examine Caroline Ellison, who suggested that Bankman-Fried had advised her to activate auto-deletion features on certain messaging accounts. By exploring the involvement of legal teams at Alameda or FTX, the defense hopes to demonstrate that there was no wrongdoing, despite the grave accusations.

The World is Watching

As the trial continues, the legal community and cryptocurrency enthusiasts will closely monitor this case’s developments.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

2 Best Cryptos To Buy Under $0.50 That Analysts Say Could Skyrocket in 2025

In a market known for rapid moves and unpredictable trends, finding cryptocurrencies under $0.50 with…

April 25, 2025

Ripple XRP Price Prediction 2025, 2026-2030: Will XRP Reach $5?

Story Highlights The XRP Price LIVE: . The price could hit a high of $3.99…

April 25, 2025

Binance CZ Urges Govt to Take a More Relaxed Approach to Crypto, Here’s Why!

After running the biggest crypto exchange in the world, Binance’s Changpeng Zhao (CZ), who has…

April 25, 2025

Ethereum Price Prediction 2025, 2026 – 2030: ETH Bull Run to Start in May?

Story Highlights The Ethereum price today is . ETH price with a potential surge could…

April 25, 2025

Bitcoin Price Prediction 2025, 2026 – 2030: When Will BTC Hit $100k?

Story Highlights The Bitcoin price today is . The BTC price could hit a maximum…

April 25, 2025

FLOKI Price Prediction 2025: Is 270% Surge Incoming?

As the broader cryptocurrency market shows signs of recovery, with Bitcoin climbing from $88,000 to…

April 25, 2025