Caroline Ellison's Testimony in the FTX Case: Alameda Research Bribes Chinese Officials of IDR 2.3 Trillion

Caroline Ellison, former CEO of Alameda Research walked out of the courtroom. (Photo; Doc. Robots)

JAKARTA - In the latest development regarding the FTX case involving company officials, Caroline Ellison's recent testimony revealed that Alameda Research is believed to have paid 150 million US dollars (IDR 2.3 trillion) to Chinese officials to open accounts worth more than 1 billion US dollars (IDR 15.7 trillion). This narrative grew stronger when former co-CEO, Sam Trabucco, appeared to disappear from public view following FTX's downfall.

Although Sam Bankman-Fried (SBF) is not facing bribery charges, given the Bahamas' intervention, federal prosecutors made sure the case was a major topic during Caroline Ellison's testimony on Wednesday, October 11.

Ellison said that in 2020, Chinese officials froze accounts worth a total of US$ 1 billion (IDR 15.7 trillion). In November 2021, the team allegedly asked for help from David Ma, a colleague with "connections" in China, for guidance on the problems they were facing. Amazingly, Ma managed to disburse the funds.

Unfortunately, these efforts did not run smoothly. FTX leadership initially tried a different tactic: tapping into accounts linked to Thai prostitution. When this plan failed, the issue of bribery took center stage, with Trabucco as co-CEO at the time.

In his testimony, Ellison stated that he carried out the bribery transaction after receiving directions from Bankman-Fried and Trabucco in a chat on the Signal messaging application. This marks Trabucco's connection to the alleged violations during the trial.

Since the collapse of FTX in November 2022, Trabucco has remained silent. Adding to the intrigue, his luxury yacht recently came up in FTX bankruptcy discussions, where Bankman-Fried suggested that Trabucco should quietly retire.

Not stopping there, Ellison also highlighted the dissent of a former Alameda trader, known as "Handi," who expressed his disquiet over the alleged bribery.

When Handi told this to Ellison and he told his boss, SBF's alleged reply was: "shut the fuck up." Although the judge allowed this testimony, the jury was reminded that this was not a formal indictment.

Ellison also mentioned documentation of alleged bribery in a ledger entitled "The State of Alameda." He asserted that the SBF advised him to write it ambiguously to avoid direct implications, hinting at its potential impact in court.

The documentary describes Bankman-Fried's ethos, Ellison calling him a "utilitarian," and noting that core values ​​such as "don't lie" and "don't steal" are inconsistent with his framework. Ellison testified that he received a bonus from his job of  20 million US dollars  (IDR 314 billion), and lent  100,000 US dollars  (IDR 1.5 billion) to one of his parents.

The appearance of Trabucco's name in court, which is suspected to be related to rumors of bribery of Chinese officials, now Trabucco's fate hangs in the balance. Although four top officials have extended their cooperation with the prosecution, there remains mystery surrounding Trabucco's involvement.

Rumors are circulating that he may be avoiding the public eye, opting to live on his luxury yacht nicknamed "Soak My Deck."