What happened between Sam Bankman-fried and Caroline Ellison?

On Tuesday, in a packed Manhattan courtroom, the relationship between Sam Bankman-Fried and Caroline Ellison took another turn. The two faced each other for the first time since the cryptocurrency trading companies they built together, FTX and Alameda Research, collapsed in November.

Who is Sam Bankman-fried?

Now, a year after Alameda collapsed, Ellison is preparing to testify as a key witness at the Oct. 3 criminal fraud trial against its founder, another budding young philanthropist who also owned the now-bankrupt FTX cryptocurrency exchange: Sam Bankman-Fried. Ellison became one of Bankman-Fried's top lieutenants as he grew his crypto empire.

What was Bankman-fried's philosophy?

Testifying in federal court in Manhattan, she recalled that Bankman-Fried said he wanted to do the greatest good for the greatest number of people and that rules like “don't lie” or “don't steal” must sometimes be set aside. Assistant U.S. Attorney Danielle Sassoon asked Ellison how she was affected by Bankman-Fried's philosophy.

Who blamed Sam Bankman-fried for FTX's implosion?

In testimony on Tuesday, Caroline Ellison, the former chief executive of Alameda Research, repeatedly blamed Sam Bankman-Fried for crimes that led to FTX’s implosion. Jeenah Moon for The New York Times Reporting from the Daniel Patrick Moynihan U.S. Courthouse in Manhattan. First they were colleagues on a trading floor in New York.