Evidence presented in court as a part of the ongoing criminal trial against Sam “SBF” Bankman-Fried, former CEO of crypto exchange FTX, reveals SBF believed Binance leaked an Alameda balance sheet to the media in 2022.
On Oct. 11, Caroline Ellison, former CEO of Alameda Research, said SBF created a memo that dates back to Nov. 6, 2022 and that outlined possible investors and other parties to reach out for a bailout.
According to the document, Bankman-Fried wrote that Binance had been “engaging in a PR campaign against us.”
It continued to say that Binance “leaked a balance sheet; blogged about it; fed it to Coindesk; then announced very publicly that they were selling $500m of FTT in response to it while telling customers to be wary of FTX.”
On Nov. 2, 2022, CoinDesk reported that it saw a balance sheet from Alameda and that the firm was possibly not in good standing. This was a key event in the lead-up to the run on FTX and its ultimate bankruptcy.
SBF also noted that FTX was capitalized but not entirely liquid, which Ellison clarified by saying that out of the $12 billion in client assets said to be held by the exchange, only $4 billion was available to process withdrawals.
The document also revealed Justin Sun, the founder of the Tron network and a Huobi adviser, as a potential investor — though it reads that it “turns out he’s close to [Binance CEO] CZ.”
Inner City Press, which has been in the courtroom, reported on X (formerly Twitter) that Ellison said she was “stressed” when Changpeng Zhao tweeted about liquidating his share of FTX Token (FTT).
Ellison: The tweet characterizes the delay as being about anti-spam and nodes. But we just didn’t have the money. AUSA: Are these the tweets of CZ of Binance? Ellison: Yes. He tweeted, “we have decided to liquidate any FTT on our books.” I was stressed out.
This is the second week of Bankman-Fried’s criminal trial. He faces seven charges of conspiracy and fraud tied to the collapse of FTX, to which he has pleaded not guilty.
A second trial is scheduled for sometime in March 2024, during which SBF will face another six charges, including bank fraud and foreign bribery conspiracy charges.
Ellison has been a key witness in the trial thus far and is scheduled for cross-examination by the defense’s attorneys on Oct. 12.
Norman Tebbit, the former Tory minister who served in Margaret Thatcher’s government, has died at the age of 94.
Lord Tebbit died “peacefully at home” late on Monday night, his son William confirmed.
One of Mrs Thatcher’s most loyal cabinet ministers, he was a leading political voice throughout the turbulent 1980s.
He held the posts of employment secretary, trade secretary, Chancellor of the Duchy of Lancaster and Conservative party chairman before resigning as an MP in 1992 after his wife was left disabled by the Provisional IRA’s bombing of the Grand Hotel in Brighton.
He considered standing for the Conservative leadership after Mrs Thatcher’s resignation in 1990, but was committed to taking care of his wife.
Image: Margaret Thatcher and Norman Tebbit in 1987 after her election victory. Pic: PA
Tory leader Kemi Badenoch called him an “icon” in British politics and was “one of the leading exponents of the philosophy we now know as Thatcherism”.
“But to many of us it was the stoicism and courage he showed in the face of terrorism, which inspired us as he rebuilt his political career after suffering terrible injuries in the Brighton bomb, and cared selflessly for his wife Margaret, who was gravely disabled in the bombing,” she wrote on X.
“He never buckled under pressure and he never compromised. Our nation has lost one of its very best today and I speak for all the Conservative family and beyond in recognising Lord Tebbit’s enormous intellect and profound sense of duty to his country.
“May he rest in peace.”
Image: Lord Tebbit and his wife Margaret stand outside the Grand Hotel in Brighton. Pic: PA
Tory grandee David Davis told Sky News Lord Tebbit was a “great working class Tory, always ready to challenge establishment conventional wisdom for the bogus nonsense it often was”.
“He was one of Thatcher’s bravest and strongest lieutenants, and a great friend,” Sir David said.
“He had to deal with the agony that the IRA visited on him and his wife, and he did so with characteristic unflinching courage. He was a great man.”
Reform leader Nigel Farage said Lord Tebbit “gave me a lot of help in my early days as an MEP”.
He was “a great man. RIP,” he added.
Image: Lord Tebbit as employment secretary in 1983 with Mrs Thatcher. Pic: PA
Born to working-class parents in north London, he was made a life peer in 1992, where he sat until he retired in 2022.
Lord Tebbit was trade secretary when he was injured in the Provisional IRA’s bombing in Brighton during the Conservative Party conference in 1984.
Five people died in the attack and Lord Tebbit’s wife, Margaret, was left paralysed from the neck down. She died in 2020 at the age of 86.
Before entering politics, his first job, aged 16, was at the Financial Times where he had his first experience of trade unions and vowed to “break the power of the closed shop”.
He then trained as a pilot with the RAF – at one point narrowly escaping from the burning cockpit of a Meteor 8 jet – before becoming the MP for Epping in 1970 then for Chingford in 1974.
Image: Lord Tebbit during an EU debate in the House of Lords in 1997. Pic: PA
As a cabinet minister, he was responsible for legislation that weakened the powers of the trade unions and the closed shop, making him the political embodiment of the Thatcherite ideology that was in full swing.
His tough approach was put to the test when riots erupted in Brixton, south London, against the backdrop of high rates of unemployment and mistrust between the black community and the police.
He was frequently misquoted as having told the unemployed to “get on your bike”, and was often referred to as “Onyerbike” for some time afterwards.
What he actually said was he grew up in the ’30s with an unemployed father who did not riot, “he got on his bike and looked for work, and he kept looking till he found it”.
The first European state visit since Brexit starts today as President Emmanuel Macron arrives at Windsor Castle.
On this episode, Sky News’ Sam Coates and Politico’s Anne McElvoy look at what’s on the agenda beyond the pomp and ceremony. Will the government get its “one in, one out” migration deal over the line?
Plus, which one of our presenters needs to make a confession about the 2008 French state visit?