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Crypto news today: Sam Bankman-Fried Crypto scams confess by FTX executive

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Former FTX Executive Caroline Ellison Alleges Sam Bankman-Fried Guided Her Toward Committing Fraud


Caroline Ellison is a former FTX executive. She told the court that Sam Bankman-Fried, the founder and the CEO of FTX, told her to do bad things like fraud. She admitted to doing these bad things last year and is now helping the government. She said FTX took a lot of money, around $14 billion, and some of it was paid back.

"He directed me to commit these crimes," Ellison  — who last year agreed to a deal with prosecutors in which she pleaded guilty to charges including wire fraud, securities fraud and commodities fraud — told the court. 

Sam Bankman-Fried is accused of moving a lot of money from FTX to another company called Alameda. He's said to have used customer money for fancy houses and political donations. He says he didn't mean to do anything wrong.

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