SBF: Alameda was asked to hedge risks, but ex-girlfriend Caroline did not follow the advice

SBF testified in court that as the cryptocurrency market deteriorated in 2022, he asked Caroline Ellison, the former CEO of Alameda and his ex-girlfriend, to hedge Alameda's investment positions, but Ellison never followed his advice. SBF also stated that he was unable to give her the time and attention she needed during their relationship. The testimony provided by SBF is currently contrary to that of Caroline Ellison. (Bloomberg) Previously, Caroline Ellison testified in court that SBF had considered selling FTX shares to Saudi Crown Prince Mohammed bin Salman (MBS) to obtain investment. Ellison had discussed ways to hedge his Alameda investment with SBF in 2022. SBF said MBS was a potential investor in FTX before its collapse last November. Additionally, in her Oct. 11 testimony, Ellison described what she and SBF did before meeting with Matt Ballensweig, co-head of trading and lending at crypto lender Genesis, who requested an update on Alameda’s balance sheet. . Ellison said: "Sam (SBF) said not to send the balance sheet to Genesis. We borrowed $10 billion from FTX and provided $5 billion in loans to our own executives and affiliated entities. We thought Genesis might share the information. He asked me to think of other ways to present the information. He wanted me to hide things on the balance sheet. So I prepared 7 different balance sheets. I don't want to lie, but I asked Sam other options, let him decide." According to court testimony, this incident occurred on June 19, 2022. Ellison said that among seven alternatives, SBF chose not to disclose the $9.9 billion it owed FTX customers in order to make Alameda look less risky.