Caroline Ellison prepared 7 different balance sheets to present to Genesis months before bankruptcy: Inner City Press

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By BitcoinWiki News

Key Takeaways:

– Sam Bankman-Fried allegedly asked Caroline Ellison to hide billions in loans on Alameda Research’s balance sheets.
– Caroline Ellison prepared seven different balance sheets as alternative ways to present the information.
– Bankman-Fried chose a version that did not disclose the $9.9 billion owed to FTX customers.
– Matt Ballensweig, co-head of trading and lending at Genesis, requested updated information on Alameda’s balance sheet.
– Ballensweig resigned from his position on Sept. 28, 2022.
– By September 2022, Alameda had borrowed $13 billion in FTX customer funds for repayment and collateral.
– Disclaimer: The former CEO and majority shareholder of The Block has disclosed loans from Sam Bankman-Fried.


Former Alameda Research CEO, Caroline Ellison, has alleged that Sam Bankman-Fried, the founder of FTX and Alameda, asked her to come up with ways to hide billions in loans on Alameda Research’s balance sheets. Ellison testified that Bankman-Fried wanted to conceal information from Genesis, a crypto lender, and she prepared seven alternative balance sheets for him to choose from. Bankman-Fried ultimately chose a version that did not disclose $9.9 billion owed to FTX customers, in order to make Alameda look less risky. This occurred in June 2022, and by September 2022, Alameda had borrowed $13 billion in FTX customer funds. The co-head of trading and lending at Genesis, Matt Ballensweig, had asked for updated information on Alameda’s balance sheet and resigned from his position on September 28, 2022.

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