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The answer is quite a lot. In the first day of what’s sure to be a lengthy testimony, Caroline gave the jury a methodical tour of the crypto loans that felled Alameda, FTX and the exchange’s customers, investors and lenders. By her account, it was all about appearances. She discussed the highly illiquid “Sam coins” that made Alameda’s balance sheet look robust to major lenders, including Genesis (a subsidiary of CoinDesk owner Digital Currency Group), which subsequently loaned the hedge fund billions of dollars secured by soon-to-be-toxic collateral: FTX’s own cryptocurrency, FTT.
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