Caroline Ellison, the government’s star witness against former cryptocurrency magnate Sam Bankman-Fried, is set Wednesday to continue her testimony outlining how her former boss and sometimes boyfriend allegedly directed her to help commit a multibillion-dollar fraud against his company’s customers, lenders and investors.
Defense attorneys, meanwhile, are awaiting their opportunity to question Ellison, the former chief executive of Bankman-Fried’s hedge fund, Alameda Research. They have signaled in the criminal trial’s early rounds that they intend to pin blame for the crypto empire’s collapse in part on Ellison, who they have said did not adequately position the firm for a broader downturn in the crypto industry.