FTX used to be the world's second-largest exchange. In the days before it went bankrupt, Sam Bankman-Fried's net worth plunged by 94% in a single day - the biggest wealth collapse a billionaire has ever suffered in such a short space of time.
A star witness has given evidence at the trial of fallen crypto entrepreneur Sam Bankman-Fried - telling the court he directed her to commit fraud. Caroline Ellison was the CEO of Alameda Research - a hedge fund linked to the doomed FTX exchange - and used to be the one-time billionaire's girlfriend. She told the court that Alameda used $10bn of funds belonging to FTX customers to repay debts and make investments without their knowledge.
Bankman-Fried's lawyers have sought to argue that Ms Ellison bears some responsibility for FTX's demise - depicting him as a CEO who was spread too thin, and someone who needed to rely on senior executives to put safeguards in place. But she poured cold water on this narrative - telling the court she always consulted him on big decisions, and always deferred to him.
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