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Secretly Recorded Audio Reveals Alameda Research "Borrowed" User Funds from FTX, Leading to Collapse

A secretly recorded audio clip lasting 75 minutes has been released, revealing the moment 15 former Alameda Research staff learned that the hedge fund was "borrowing" user funds from FTX. The recording, obtained by Cointelegraph, sheds new light on the tension felt by Caroline Ellison and Alameda staff leading up to FTX's collapse.

During an all-hands meeting in Hong Kong on Nov. 9, 2022, Ellison explained that Alameda had borrowed money via open-term loans and used it to make illiquid investments, leading to FTX having a shortfall in user funds. The recording was played in court during Sam Bankman-Fried's criminal trial, and former Alameda software engineer Christian Drappi testified that he was "stunned" to learn about the extent of the relationship between FTX and Alameda.

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