Connect with us

Published

1 year ago

on

Caroline Ellison, former chief executive officer of Alameda Research LLC, leaves Manhattan Federal Court after testifying during the trial of FTX CEO Sam Bankman-Fried, on October 10, 2023 in New York City. 

Michael M. Santiago | Getty Images

In an all-hands meeting on the evening of Nov. 9, 2022, Alameda Research employees gathered in a circle to listen to CEO Caroline Ellison, who was sitting on a beanbag.

It was 11 p.m. in Hong Kong, and roughly half of the employees — 15 people — at Sam Bankman-Fried’s crypto hedge fund were present. Christian Drappi, a former software engineer at Alameda, was one of them. Ten others joined via video from the Bahamas. The Alameda office was across the street from FTX, Bankman-Fried’s crypto exchange.

On Thursday, Drappi took the stand as a government witness in the criminal trial against Bankman-Fried, which is taking place 11 months after Alameda and FTX spiraled into bankruptcy. Bankman-Fried faces seven federal fraud charges and the potential of life in prison. He’s pleaded not guilty.

Drappi’s appearance on the stand in Manhattan came at the end of Ellison’s third day of testimony and included a recording of the Hong Kong meeting. Rick Best, a trader who had joined Alameda just days earlier, was directly to Ellison’s right and secretly recording the meeting as audio.

The prosecution played multiple clips from the recording, and the defense team played one in cross-examination.

To a packed courtroom, Drappi described Ellison’s demeanor that night as “sunken.” He said she was “kinda slouching” and “did not display confident body language.”

“Alameda borrowed a bunch of money,” which it used to make investments, Ellison said on the recording. But as crypto prices fell, “FTX had a shortfall of user funds” and then “users started withdrawing their funds” and they “realized they would not be able to continue.”

Drappi can be heard on the tape asking about FTX’s plan to pay back customers. Ellison, who has pleaded guilty to fraud charges and is cooperating with prosecutors, responded that the company would raise money to fill the hole. Drappi told the jury that he was concerned with that response because it’s not typical to raise outside money for that purpose.

Drappi asked Ellison if Alameda’s loans were collateralized through the spot margin group. She said they weren’t, and Drappi said, “That seems pretty bad.”

Drappi wanted to know from Ellison if this was a “YOLO thing.”

He was asked in the courtroom to explain YOLO, and said, “It’s an acronym for ‘you only live once.'”

“When you do a YOLO thing, it’s something that’s spontaneous and not premeditated,” Drappi said. “I wanted to have Ms. Ellison confirm that indeed, you know, they had meetings about this and there was a deliberate decision, as I suspected it would be.”

At one point on the recording, Ellison giggled. Drappi, who said he’d known Ellison for a year and a half, described that as her “nervous laughter” and said she did it quite often.

When she was asked by a staffer whose idea it was to plug Alameda’s loan losses with FTX customer money, she said, “Um, Sam, I guess,” and giggled.

“FTX basically always allowed Alameda to, like, borrow user funds, as far as I know” she said on the recording.

Drappi resigned within 24 hours.

Caroline Ellison is questioned during Sam Bankman-Fried’s fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 11, 2023 in this courtroom sketch. 

Jane Rosenberg | Reuters

Drappi started at Alameda on May 31, 2021. Over the next 18 months, he worked in three offices: Hong Kong, the Bahamas and San Francisco. He was in Hong Kong as the business was falling apart.

In his testimony, Drappi said he observed Bankman-Fried working at the Hong Kong office and sat about 40 feet from him there for a couple months. The two hung out some out of the office, including to play padel, a hybrid of tennis and squash.

Drappi said Bankman-Fried maintained direct communications with Alameda employees through Signal. He weighed in on large trades and had access to “pointer,” Alameda’s internal interface, as well as to the firm’s back-end data.

In regards to trading, Drappi referenced one instance in which a senior trader said “Sam wanted to do it,” referring to a trade involving selling Japanese bonds and buying the currency. Drappi said he spoke to Alameda traders every day.

The night before the all-hands meeting, Nov. 8, Drappi said he was in the office along with Ellison and two traders, Tony Qian and David Nyeste. At about 11 p.m., Bankman-Fried posted a tweet announcing that Binance was buying FTX, in what would amount to a rescue of the exchange.

Drappi said the response was “shock.”

The Binance agreement was non-binding. On Nov. 9, the rival exchange backed out of the deal, and CEO Changpeng Zhao said FTX’s “issues are beyond our control or ability to help.” Two days later FTX declared bankruptcy.

WATCH: Caroline Ellison details SBF’s involvement in running Alameda

Caroline Ellison details SBF's involvement in running Alameda Research: CNBC Crypto World

Related Topics:
Continue Reading

Environment

Kia’s EV9 can power your home and save you on energy costs: Watch how easy it is [Video]

Published

5 hours ago

on

March 6, 2025

By

Kia's EV9 can power your home and save you on energy costs: Watch how easy it is [Video]

Kia-EV9-power-home-charger

The Kia EV9 is already an impressive electric SUV with its bold design, spacious cabin, and smart technology. Now it’s unlocking another new feature. With the new Wallbox Quasar 2 home charger, Kia EV9 owners can power their homes for up to three days and even save on energy costs. Watch how easy it is to use in the demo below.

Kia EV9 can now power your home with V2H

Wallbox opened orders for its new bi-directional charger, the Quasar 2, for Kia EV9 owners this week. The Quasar 2 is the first home charger that works with the electric SUV to unlock its Vehicle-to-Home (V2H) capabilities.

EV9 owners can use their vehicle as a power source during power outages. You’ll need the Quasar 2 charger and Wallbox Power Recovery Unit, which can provide backup power for up to three days.

The Quasar 2 starts at $6,440, including the Power Recovery Unit, not including taxes and installation fees. EV9 owners can sign up for the waitlist here with a $100 deposit.

Advertisement – scroll for more content

Pre-orders will initially be limited to residents of California, Texas, Florida, New York, Washington, New Jersey, and Illinois, but the company plans a nationwide rollout. Once the units are available, pre-order customers will have first access, with shipping to follow soon after.

Kia-EV9-power-home-charger
Kia EV9 GT-Line (Source: Kia)

According to Wallbox, the Quasar 2 and Power Recovery Unit can save you up to $1,500 per year on energy costs.

As an all-in-one solution, the unit enables you to charge your EV with solar energy (solar panels are sold separately) and store it in your vehicle’s battery. During peak hours, you can use the energy to power your home to save on energy costs. With pre-set scheduling, you can also automatically charge your EV9 when the rates are the lowest.

Kia EV9 uses the Wallbox Quasar 2 to charge home devices (Source: Wallbox)

All of this can be easily utilized on the Wallbox App, allowing you to switch between grid/solar to vehicle and vehicle-to-home.

To demonstrate how easy it is to use, Wallbox put together a video showing the Kia EV9 using the Quasar to power several home devices.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Honda’s new S7 electric SUV is surprisingly stylish and affordable, but you can’t have it

Published

6 hours ago

on

March 6, 2025

By

Honda's new S7 electric SUV is surprisingly stylish and affordable, but you can't have it

Honda-S7-electric-SUV

Honda officially launched its new electric SUV, the S7, in China. As its first high-end electric SUV, Honda says the S7 will set new benchmarks with over 400 miles (650 km) of driving range, first-class comfort, and a stylish new design. The S7 will compete with the Tesla Model Y and other premium electric SUVs in China, starting at about $36,000.

Meet the Honda S7 electric SUV

Honda’s joint venture in China, Dongfeng-Honda claimed “the surge is about to break out” after teasing the S7’s new styling last month. On Thursday, the company officially launched its new electric SUV.

The S7 will be key to Honda’s comeback in the world’s largest EV market. Honda’s new electric SUV is now available starting at 259,900 yuan (about $36,000).

In terms of size, at 4,750 mm long, 1,930 mm wide, and 1,625 mm tall, the S7 is about the same size as the Tesla Model Y (4,797 mm long, 1,920 mm wide, 1,624 mm tall).

Advertisement – scroll for more content

Honda designed the SUV from the ground up for buyers in China, claiming it offers better driving, more fun, and more style. The electric SUV wears Honda’s new “H Mark,” exclusive for its next-gen EV lineup. Other design elements include a light-up H logo up front, a foot-sensing electric tailgate, and retractable door handles.

Honda-S7-electric-SUV
Honda S7 electric SUV (Source: Dongfeng-Honda)

Inside, the S7 is Honda’s first with a dimming panoramic sunroof. With a 2,930 mm wheelbase, it has a spacious interior with up to 860 mm of second-row legroom.

Several premium features include a 3-spoke multi-function leather steering wheel, streaming media rearview mirror, a fragrance system, and BOSE sound system.

Honda-S7-electric-SUV-interior
Honda-S7-electric-SUV-interior

Loaded with the latest software and connectivity tech, the S7 has “Honda’s most powerful smart cockpit” with split 12.8″ and 10.25″ smart infotainment screen and 9.9″ instrument display.

Honda Connect 4.0 provides an AI Voice Assistant, multi-screen linking, and continuous improvement with AI. Meanwhile, Honda Sensing 360+ includes ADAS features like active cruise control, pre-collision warning, lane keeping assist, parking assist, and a 360-degree panoramic imaging system.

It’s available in both single-motor (RWD) and dual-motor (AWD) options. The RWD variant includes a 268 hp (200 kW) electric motor and an 89.8 kWh NMC battery pack, good for a 650 km (404 miles) CLTC range.

With an added front motor, the AWD S7 packs up to 469 hp (350 kW) and is rated with 620 km (385 miles) CLTC driving range.

In comparison, the new Tesla Model Y RWD first edition starts at 263,500 yuan ($36,200), with a CLTC range of up to 593 km (368 miles). The Long-Range AWD model, with a CLTC range of up to 719 km (447 miles), starts at 303,500 yuan ($42,000).

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Segway’s new flagship Ninebot MAX G3 opens for preorder at $500 off, Jackery Spring Sale takes 50% off units, Samsung, more

Published

8 hours ago

on

March 6, 2025

By

Segway's new flagship Ninebot MAX G3 opens for preorder at 0 off, Jackery Spring Sale takes 50% off units, Samsung, more

Leading today’s Green Deals is the $500 off pre-sale promotion on Segway’s new Ninebot MAX G3 eKickScooter that comes with a bunch of upgraded features like Apple Find My, autonomous locking/unlocking, and more – all at $900 through March 24. We also have Jackery’s Spring Sale in full swing with 50% off discounts on its power stations and solar generators (and bonus savings), one of which is the Explorer 3000 Pro Portable Power Station bundled with two 200W solar panels at a new $1,994 low. Lastly, we have Samsung’s Bespoke AI Laundry Combo All-in-One Washer and Ventless Heat Pump Dryer coming with a bunch of additional savings at $2,199. Plus, all the other hangover Green Deals are in the links at the bottom of the page, like yesterday’s Anker SOLIX weekend flash sale offers, the Lectric XPedition 1.0 and XPeak 1.0 price cuts, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Segway’s new flagship Ninebot MAX G3 eKickScooter opens for preorder at $900

Segway has launched its pre-sale promotion on its new Ninebot MAX G3 eKickScooter at $899.99 shipped through March 24. Carrying a normal price tag of $1,400, this is the very first chance to grab some cash savings on this all-new model before it officially releases on March 25. You’ll be getting a 36% markdown while this promotion continues, saving you $500 off the going rate and setting the bar for future discounts down the road. Head below to learn more about this new e-scooter and its features.

Segway’s Ninebot Max G3 e-scooter arrives as the latest version of its flagship eKickScooter lineup, sporting an 800W motor that peaks at 2,000W to provide increased top speeds of 28 MPH while also tackling up to 30% inclines. With its Boost Mode activated, you’ll even have acceleration up to 15.5 MPH in just 2.4 seconds. The 597Wh battery delivers a travel range up to 50 miles on a single 3.5-hour charge, courtesy of its built-in fast charger, with the timeframe dropped to 2.5 hours after connecting a DC charger cable simultaneously.

Advertisement – scroll for more content

There’s a bunch of upgraded features on Segway’s Ninebot MAX G3, like the Stability Enhancement System for improved handling, disturbance resistance and slip resistance – even at high speeds. There’s also the inclusion of Apple Find My through its companion app to detect and find your scooter whenever needed, as well as extra security in the form of autonomous locking and unlocking via Bluetooth, with the distance it does so being adjustable to your preferences. You’ll also find it coming with dual suspension, 11-inch self-sealing tires, an automatic 6W headlight, an underglow lighting system, and a 2.4-inch smart TFT display that offers the usual at-a-glance riding data alongside navigation, caller ID and smart charge management.

You can also browse through Segway’s current sale offers while the savings are still around, which has the Apple Find My-capable Ninebot E2 Pro eKickScooter down at $500, among others.

Jackery Spring Sale power stations

Jackery Spring Sale drops Explorer 3000 Pro solar generator with two 200W panels to new $1,994 low

We’re almost out of winter, which means Jackery has launched a Spring Sale through March 12 with up to 50% taken off a selection of power stations, solar generator bundles, and accessories – plus, there’s even an extra 5% in savings too. One notable inclusion that is hitting the best rate we’ve seen to date, is the Explorer 3000 Pro Portable Power Station that comes bundled with two 200W solar panels for $1,994.05 shipped, after using the promo code EXTRA5 at checkout. This package would normally cost $3,999, with discounts usually keeping things between $2,199 and $2,799, though we’re seeing it start at $2,099 here, which gets all the better with the extra savings. Having gone as low as $1,999 during Black Friday, today’s deal pushes that rate aside while saving you $2,005 – landing things at a new all-time low and beating out Amazon’s current pricing by a huge margin.

A great option for folks who want one of the more versatile (and larger) power stations for camping, home backup, and RV support, Jackery’s Explorer 3000 Pro provides a solid 3,024Wh capacity for starters. It can dish out plenty of juice for your devices and appliances, with its output reaching 3,000W normally while surging upwards to 6,000W. Among its 10 port options, you’ll find an RV-dedicated TT30 port, making this one of the brand’s best models for motor home living. Recharging its own battery takes just 2.4 hours when plugged into a standard outlet, or you can hook up its full 1,200W of solar input to hit 100% in three to four hours (time increased for the included 400W input here). There’s also the third option of connecting it to your car, which will get it back to full in about 35 hours.

***Note: The extra 5% off coupon has not been factored into the prices below – be sure to use the code EXTRA5 at checkout for the maximum savings!

Deals for your home backup needs:

Deals for your garden & DIY work:

Deals for your short travel needs:

Accessory deals:

You can browse the entire lineup of Jackery’s Spring Sale on the landing page here through March 12.

Samsung Bespoke AI Laundry Combo washer and dryer

Samsung’s Bespoke all-in-one AI Laundry Combo with bonus $100 credit is down at $2,199 ($3,622 value)

As part of the Discover Samsung sale that is running through March 9, you can score the brand’s Bespoke AI Laundry Combo All-in-One 5.3 cubic-foot Washer and Ventless Heat Pump Dryer at $2,199 shipped, with bonus savings (more below). This 2-in-1 unit normally fetches $3,324 at full price, which we’ve seen go as low as $1,899 direct from Samsung during Black Friday and $1,700 from Best Buy (though this rate hasn’t reappeared since). You’re looking at the fourth-lowest price overall and the third-lowest we’ve tracked direct from the brand, also coming along with a $100 credit for future purchases during this sale. You can also save a bit more by going with the open-box option in excellent condition on the same page for $1,759. While Best Buy is currently offering it at a $1 higher price, those of you with a Total Membership will also be benefitting from an additional $100 discount when purchasing from the outlet.

Before I go into the washer/dryer itself, I wanted to just point out some of the other bonus savings options. First off, there is the usual free installation (normally $25) alongside the three-year Samsung Care+ plan for just $1 (normally $199). Second, you can get up to $500 off in instant credits by trading in a phone or tablet. Lastly, you can exclusive savings if you are a teacher, first responder, government official, or part of the military (check drop-down menu on the page.

Samsung’s Bespoke AI Laundry Combo comes ENERGY STAR-certified with AI supporting you through settings management and also increasing its energy efficiency by identifying and adjusting settings based on the different fabrics you place inside and how soiled they are. The AI also pairs with the dual-inverter heat pump, calculating and estimating your electricity costs to “reduce energy usage by up to 19%.” There’s also the ventless design, which allows you to place it virtually anywhere, no longer needing to be next to a dedicate exhaust vent.

The detergent tank here sports a much larger capacity, holding up to 47 loads worth of detergent so you don’t have to regularly worry about filling and refilling in between laundry loads – plus, it also has a Flex One compartment that takes that convenience to the next level as it can be split between 25 loads of detergent and 34 loads of softener. It’s also been given self-cleaning and self-drying tech to keep laundry coming out fresh, smart controls via the SmartThings app (as well as hands-free voice controls), the EPA’s seal of approval, and much more.

You can check out all that the Discover Samsung sale is offering – including daily deals – on the main landing page here.

Best New Year EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending