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Former Alameda Research CEO Caroline Ellison — and ex-girlfriend of Sam Bankman-Fried — testified in the criminal fraud trial against the FTX co-founder. Ellison, who herself pled guilty to several counts of fraud, walked prosecutors through how SBF directed her to defraud billions of dollars from customers of the crypto exchange.

CoinDesk Editor Danny Nelson discusses the major takeaways from Ellison's day in court and what this could mean for Bankman-Fried's defense.

"This is a little bit feeling like crypto itself is on trial," Nelson explains, later adding: "In court today, Caroline was talking about how they really didn't even know how much money they had loaned out."

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This post was written by Luke Carberry Mogan.