SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison?

This podcast episode dives into the details of the criminal trial of Sam Bankman-Fried, highlighting key testimonies from FTX executives Wang and Ellison. The defense presented a coherent line of argument, bringing forth evidence suggesting that Alameda had assets external to FTX and questioning the hedging practices of Ellison. Ellison testified about Alameda's special privileges, financial inefficiencies, and excessive borrowing. She also expressed concerns over FTT's inclusion in the balance sheet and revealed SBF, Wong, and Singh's $5 billion loans. The liquidity analysis conducted by Ellison revealed that Alameda faced the risk of not meeting loan recalls and considered using FTX customer funds.