Ellison, the former chief executive of FTX’s sister hedge fund, Alameda Research, told Alameda employees at the meeting that the crypto hedge fund had secretly used billions of dollars of FTX customer funds to pay back loans and make illiquid venture investments.
A trader who had joined Alameda just three days before recorded the meeting and sent the recording to Christian Drappi, a former Alameda Research software engineer, he testified.
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