TechFlow news — Caroline Ellison, CEO of Alameda Research, testified on October 11 that she had prepared seven different versions of Alameda's balance sheet prior to a meeting with Genesis Global Capital executives in June 2022.
Ellison said: "Sam (SBF) told me not to send the balance sheet to Genesis. We had borrowed $10 billion from FTX and provided $5 billion in loans to our own executives and affiliated entities. We were concerned Genesis might share this information. He asked me to come up with alternative ways to present the data. He wanted me to conceal certain items on the balance sheet. So I prepared seven different versions. I didn't want to lie, but I offered Sam alternatives and let him make the decision."
Ellison stated that among the seven options, SBF chose the version that did not disclose the $9.9 billion owed to FTX customers, aiming to make Alameda appear less risky.
