Ellison, who testified that she conspired with Bankman-Fried “to commit these crimes,” is the previous CEO of Alameda Analysis, a crypto hedge fund Bankman-Fried additionally owned. She was given no fairness in Alameda and solely a half-a-percentage-point stake in FTX. When she broached a dialog with him over receiving fairness within the hedge fund, he was “initially receptive” however later informed her “it was too sophisticated.”

Gary Wang, cofounder and the previous CTO of FTX, had a 16% stake in FTX and a ten% stake in Alameda. Nishad Singh, former director of engineering at FTX, owned 5% of the corporate, in accordance with Michael Lewis’s latest SBF tell-all. And Bankman-Fried owned the lion’s share—90% of Alameda and greater than half of FTX, per Lewis.

Furthermore, whereas the three siphoned billions of {dollars} in private loans out of Alameda—what prosecutor Danielle Sasson known as “loans to insiders”—Ellison took out a relatively minuscule $1.3 million to spend money on a startup, she mentioned on Tuesday. Even Ryan Salame, co-chief of FTX’s Bahamas subsidiary whom previous witnesses don’t often cite as a part of the FTX internal circle, took out $35 million to donate to Republican political campaigns.

Ellison was, by most measures, handsomely compensated throughout her time working for Bankman-Fried, whom she additionally dated on and off. She had a base wage of $200,000 along with giant bonuses, together with a $20 million haul in 2021, half of which she mentioned she invested in a startup. (Prosecutors later informed the decide that she personally invested in AI darling Anthropic, nevertheless it was unclear whether or not that was in reference to the $10 million she talked about as a part of her prior testimony.)

Nevertheless, her comparative lack of compensation with these within the boys’ membership of Bankman-Fried, Singh, and Wang highlights a unbroken theme all through her testimony: how she, the one lady in Bankman-Fried’s internal circle, answered to him and his lieutenants, not the opposite manner round.

Bankman-Fried has beforehand laid the blame for the collapse of FTX at Ellison’s toes, saying in writings revealed by the New York Instances that she didn’t appropriately hedge in opposition to danger. “She regularly prevented speaking about danger administration—dodging my ideas—till it was too late,” he wrote. And Mark Cohen, one among his attorneys, hit repeatedly on this theme in his opening assertion, repeatedly mentioning Ellison by identify. “As the bulk proprietor of Alameda, he spoke to Ms. Ellison, the CEO, and he urged her to placed on a hedge, one thing that may defend in opposition to such a downturn,” Cohen mentioned of his consumer.

Ellison, although, repeatedly emphasised in her testimony that it was Bankman-Fried who informed her to disregard the appreciable dangers Alameda was operating. In late 2021, for instance, she informed Bankman-Fried why it will be extremely dangerous for Alameda to take out $3 billion in loans to spend money on startups—it will additional imbalance the hedge fund’s stability sheet. Even after she raised her considerations, Bankman-Fried mentioned that he deliberate to go forward and take out billions of {dollars} in loans, unveiling FTX Ventures in January 2022.

At one level, prosecutors requested Ellison about her ex’s urge for food for danger. If there have been a 50% probability {that a} coin flip would result in the world being “twice pretty much as good,” she mentioned, “he’d be pleased to flip a coin if it turned up tails and the world was destroyed.”