It has been nearly a year since the FTX collapse, and while the situation has calmed down, the ongoing court case has been attracting significant attention. Caroline Ellison, the former CEO of Alameda Research, recently testified in the trial of Sam Bankman-Fried (SBF), her ex-boyfriend. During her testimony, she revealed surprising information about the cryptocurrency tycoon’s political ambitions and personal convictions.
Ellison’s statements unveiled that the founder of FTX had expressed a desire to become the President of the United States and even assigned a 5% likelihood to the realization of this aspiration in the future. Ellison’s testimony detailed her on-and-off relationship with SBF, which initially began during their employment at Jane Street, a quantitative investment firm. She later joined his hedge fund, Alameda Research, as a trader and eventually rose to the position of CEO in 2021.
While SBF hadn’t previously indicated any political ambitions, Ellison’s testimony brought to light his belief in political contributions as a strategic investment. He made substantial donations to major U.S. political parties, with political contributions exceeding $40 million during the 2022 election cycle. A CBS News analysis revealed that the majority of these contributions were directed toward Democratic candidates and associated groups. Nevertheless, SBF also extended donations to select Republican candidates and affiliated groups. According to Ellison, he saw these contributions as a means to gain recognition and exert influence within political circles.
The ongoing legal proceedings revolve around seven criminal allegations against the FTX founder, which are connected to purported wrongdoing in his interactions with FTX clients. Thanks to Ellison’s testimony, the trial has offered insight into the individual life and incentives of the cryptocurrency entrepreneur, revealing the person behind one of the globe’s leading cryptocurrency platforms.
The Unlikely Link Between FTX’s SBF and Donald Trump
A fascinating disclosure emerged from Michael Lewis, the biographer of Sam Bankman-Fried (SBF), revealing that the co-founder of FTX had entertained the idea of offering former President Donald Trump a substantial sum of $5 billion to refrain from running in the 2024 presidential election.
However, the source or basis for this specific amount remains uncertain. It’s crucial to emphasize that while these revelations shed light on Bankman-Fried’s private life and political preferences, they do not directly impact the criminal charges he is currently confronting. SBF has pleaded not guilty to all of these charges.