After two full days of hearing former Alameda Research CEO Caroline Ellison’s testimony, the jurors who will decide if FTX founder Sam Bankman-Fried is guilty of fraud listened Thursday to a surreptitious recording of Ellison telling her team about the FTX-Alameda fraud scheme.

The recording was played during the testimony of former Alameda software engineer Christian Drappi, who said he was “utterly shocked” when Ellison told him, on Nov. 8, 2022, that Alameda had borrowed FTX customer money to pay its loans.

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