SBF Fraud Trial Reveals Explosive Testimony on FTX Collapse, Billions Misused and Massive Security Failures

Former FTX CEO Sam Bankman-Fried is on trial for fraud, with explosive testimony from his ex-girlfriend Caroline Ellison this week.

Ellison admitted to falsifying financial records to hide risks and misusing billions in customer funds on bad deals, real estate, and political donations.

Attacks on FTX after its bankruptcy may have resulted in $400M+ in losses due to poor security practices.

Alameda Research lost hundreds of millions through phishing schemes, bad investments, and sloppy management under SBF.

Prosecution alleges SBF's culture encouraged secrecy, including encrypted chats and coded language about illegal activities.