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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

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Wheel-E Podcast: Tenways cargo e-bike, Lime mopeds, EUCs, more

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Wheel-E Podcast: Tenways cargo e-bike, Lime mopeds, EUCs, more

This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes a new cargo e-bike launch from Tenways, Lime bringing its new e-bike and e-moped to its larger fleets, testing a 100 mile e-bike, California’s e-bike vouchers are set to open again in another lottery round, a new electric unicycle from InMotion, and more.

Today’s episode is brought to you by retrospec—makers of sleek, powerful e-bikes and outdoor gear built for everyday adventure. Electrek listeners can get 10% off their next ride until May 8th with the exclusive code ELECTREK10 only at retrospec.com.

The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

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After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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We also have a Patreon if you want to help us to avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the Wheel-E podcast today:

Here’s the live stream for today’s episode starting at 9:00 a.m. ET (or the video after 10:00 a.m. ET):

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Redditor: my Polestar 2 window stopped a bullet from hitting me [pictures]

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Redditor: my Polestar 2 window stopped a bullet from hitting me [pictures]

This one’s pretty simple, kids – it’s exactly what it says on the tin: a Polestar 2 owner took to the Polestar subreddit this week claiming that the window glass in his new EV actually stopped a bullet from hitting him. Plus, he says he’s got the pictures to prove it. (!)

The brand may be evolving into its own, but the OG Polestar 1 and Polestar 2 were little more than hot electric versions of Volvo cars – and Volvo cars are known throughout the world for their secure, planted feel on the road and absolutely bananas high-tensile steel safety cages. As such, it should come as no surprise that the Polestar 2 is one of the safest sedans on the road today … but is the car really bulletproof?

That’s what one redditor is claiming after his window was hit by what they believed to be a stray bullet just five days after taking delivery.

Polestar stopped a bullet.
byu/CptMerica29 inPolestar

Now, as the growing brand rivalry between Polestar fans and their Tesla-driving counterparts might lead you to expect, some of the comments are pretty pointedly referencing Tesla – and pretty funny. Here are a few of my favorites:

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Comment
byu/CptMerica29 from discussion
in
Polestar

Comment
byu/CptMerica29 from discussion
in
Polestar

Comment
byu/CptMerica29 from discussion
in
Polestar

Comment
byu/CptMerica29 from discussion
in
Polestar

Now, that was fun, sure – but it’s worth noting that a number of commenters claiming alternately that there’s no way this was a .22 caliber bullet (certainly not a .22 WMR) or that it was a stray shot from very far away. The consensus seems to be that a .177 caliber air gun pellet is most likely to blame, but my money is on a small piece of stone or gravel kicked up at a weird angle from a nearby vehicle.

Regardless, it seems like CptMerica29 is A-OK, and their Polestar 2 hardly seems worse for wear, either. Here’s hoping it’s the last time we have to have a debate about what kind of bullet was being fired at an EV driver for a long time.

If you’d like to try your hand at driving a Polestar 2 through a volley of flying debris and other assorted projectiles and letting us know how you do, click the link below to score a great deal on one near you (while you still can):

Disclaimer

I would like to believe this is obvious, but there’s a “do not use batteries as toothpaste” sticker on this pack of Duracell batteries for a reason, so I’m going to err on the side of caution here and tell any of you reading the above and taking it seriously that: I am kidding. That was a joke.

To be clear, it is my position that NO VEHICLE this side of a Mercedes-Benz EQS GUARD or Inkas Armored S Class is actually bulletproof – and that, yes, a .22 is a real gun with plenty of lethal stopping power and, also yes, a pellet gun can and has killed a lot of people. DO NOT SHOOT AT CARS, and do not sit in your cars and let others shoot at you if you can at all avoid it.

As getsome75 so eloquently puts it:

Comment
byu/CptMerica29 from discussion
in
Polestar

Stay safe out there, kids.

SOURCE | IMAGES: CptMerica29; featured image via Polestar.

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Slate emerges with customizable EV pickup available for under $20k [Video]

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Slate emerges with customizable EV pickup available for under $20k [Video]

After about a month of speculation and subtle hints from industry insiders, American EV startup Slate has emerged from stealth to share its flagship model with the world. This simplified all-electric pickup arrives with over 100 accessories, a five-seat SUV configuration kit, and get this… crank windows. Even better, this no-nonsense pedigree of EV is priced refreshingly low, starting below $20,000 after US tax incentives.

As we pointed out last month, there was much more we didn’t know than we could confirm about a new EV brand called Slate. The American automaker was verified as an official business on LinkedIn as of March 5, giving us a sparse trail of breadcrumbs to follow to learn more.

According to the page, Slate had already established a team of 200 to 500 employees, and 46 additional open roles were listed. Some open jobs, such as plant manager and suspension engineer, hinted that Slate has been working on at least one EV.

Aside from promising “the next generation of innovation in the industry” (despite not confirming what industry), Slate’s website stated that we would learn more on April 24. We had heard rumblings that the Troy, Michigan-based startup was on the cusp of debuting a simple, all-electric pickup.

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However, that wasn’t confirmed until two days ago, when the first real-world images of the EV emerged ahead of Tesla’s earnings call. Our readers pointed out that “Slate” is an anagram of “Tesla,” which offers interesting fodder to the conspiracy theory scene at best.

While Slate’s name may be a tongue-in-cheek nod to reimagining an EV industry Tesla championed early on, the name seems more rooted in the fellow American company’s clean slate approach to EV design. From what we’ve now seen, Slate is breaking from the trend of other startups kicking off market entry with top-tier, luxe models starting in the $80-$100k range.

Instead, it has created a no-nonsense EV pickup that starts at a super low price, leaving the upgrades and customizations to the customer. Better still, if you US customers prefer a five-seat option, Slate also offers that. See below:

Slate debuts EV that can be 2-seat pickup or 5-seat SUV

Slate has officially arrived and, in my opinion, is a welcome breath of fresh air (because of no emissions, of course) to an American EV industry that is growing by the day, but has yet to reach critical mass in adoption.

Much of that struggle relates to pricing (not to mention lackluster local charging infrastructure). Most EVs are not affordable enough for the average consumer yet, and to get an electric pickup like Slate is now offering, for example, you have to opt for a model from Ford, GM, or Rivian that will cost at least $63,000 and will easily go up from there with added features like range.

Instead of coming out swinging against the big boys, Slate has dug itself a nice little niche in simplified affordable EVs that are modular and customizable. Slate’s first CEO, Chris Barman, elaborated:

The definition of what’s affordable is broken. Slate exists to put the power back in the hands of customers who have been ignored by the auto industry. It is a radical truck platform so customizable that it can transform from a 2-seat pickup to a 5-seat SUV.

Steel wheels, HVAC knobs, and crank windows – Slate is most certainly taking a clever approach to affordable US EVs for all. Designed to be “approachable and timeless,” the startup flagship model is truly a black slate canvas that puts the brush in the hands of its customers.

The company shared it will offer over 100 accessories, available a la carte or in a bundle, available from your initial order or years down the road. The dash also includes a universal phone mount with USB power, enabling you to use whatever smart device and OS you’d like. Have it custom wrapped by the Slate team or do it yourself, Slate is not only offering variety to customization, but also the process by which it is achieved.

Another example is Slate’s flat pack SUV Kit, which turns the EV pickup into a 5-seat SUV, complete with a roll cage, airbags, and rear seat. Again, you’ll have the choice to have Slate integrate it in Michigan or do it yourself, adding a bit of a DIY “gearhead” philosophy the EV segment has lacked since day one.

“But Scooter, what about specs?” Don’t worry my friends, we got you:

  • Dimensions:
    • Length: 174.6 inches
    • Wheelbase: 108.9 inches
    • Width: (w/o mirrors): 70.6 inches
    • Height: 69.3 inches
    • Pickup Interior Volume: 55.0 ft3
    • SUV Interior Volume: 80.5 ft3
    • Frunk Cargo Volume: 7 ft3
    • Bed Cargo Volume: 37 ft3
    • SUV Cargo Volume (behind seats): 34 ft3
  • Weights:
    • Curb Weight: 3602 lbs.
    • Max Payload: 1433 lbs.
    • Max towing: 1,000 lbs.
  • Power and Battery:
    • Powertrain: Single motor, RWD
    • Battery: 52.7 kWh (standard) or 84.3 kWh (add-on)
    • Power: 150 kW (201 hp)
    • Torque: 264 Nm (195 lb-ft)
    • Acceleration (0-60 mph): 8 seconds (est.)
    • Top speed: 90 mph
  • Charging and Range:
    • Onboard charger: 11 kW
    • Level 1 AC: 3.6kW / 20-100% in 11 hrs.
    • Level 2 AC: 11kW / 20-100% in under 5 hrs.
      Level 3 DC: 120kW / 20-80% in under 30 mins.
    • Charging Configuration: NACS
    • Standard Range (52.7 kWh) (est.): 150 miles
    • Large Pack Range ((84.3 kWh) (est.): 240 mi.
    • Combined city/highway (est.): 96 MPGe
  • Bed Dimensions (Pickup):
    • Bed width (between wheel wells): 42.9 inches
    • Bed Width Min./Max.: 50.0 inches /54.9 inches
    • Bed Length: 60.0 inches
    • Bed Length (Tailgate Down): 81.6 inches

According to Slate, its flagship EV will be sold directly to consumers and is available to reserve now with a $50 deposit. The trucks will be built in the US and start at an MSRP below $20,000 (after federal tax incentives). No timeline on when production may begin, but a representative for Slate told Electrek that initial customer deliveries are… slated to begin in Q4 2026. Not too shabby.

While we await more details regarding this new American brand, here’s a better look at Slate’s first EV from a video it provided below:

Source: Slate

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