FTX, which faced an abrupt bankruptcy in November 2022, triggered significant drops in both Bitcoin and altcoin prices.

As the trial of Sam Bankman Fried, the detained founder of FTX, proceeds, individuals associated with FTX and its subsidiary Alameda Research are providing testimonies during the hearings.

One of those who testified during the hearing was former Alameda Research CEO, Caroline Ellison.

Caroline Ellison, in her testimony, claimed that her former superior, SBF, had instructed her to engage in unlawful activities.

At this juncture, while Ellison acknowledged her involvement in fraudulent activities during her tenure as the CEO of Alameda Research, she asserted that these actions were carried out under SBF's direction and not of her own volition.

Key points from Ellison's statement include:

"I executed the transactions in accordance with SBF's instructions.

During this period, Alameda received billions of dollars from FTX customers, which were subsequently utilized for investments.

I also provided financial statements that misrepresented Alameda's risk profile, making it appear less risky than it actually was.

Alameda had access to an unrestricted credit line, granting us access to customer deposits."

It has been reported that Ellison's testimony will resume after the court's recess.

As a reminder, Caroline Ellison previously admitted to seven counts of fraud in December.