--- title: "Caroline Ellison Testifies That SBF’s Strange Philosophy Justified Lying and Stealing" description: "SBF's former colleague and romantic partner Caroline Ellison says that her ex had what seems to be a pretty skewed moral compass." date: "2023-10-11" modified: "2023-10-11" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/caroline-ellison-sbf-lying-stealing" categories: - "Blockchain" - "Future Society" tags: - "caroline ellison" - "ftx" - "sbf" - "the digest" --- # Caroline Ellison Testifies That SBF’s Strange Philosophy Justified Lying and Stealing ![SBF's former colleague and romantic partner Caroline Ellison says that her ex had what seems to be a pretty skewed moral compass.]() *NEW YORK, NEW YORK - OCTOBER 11: Caroline Ellison, former chief executive officer of Alameda Research LLC, arrives at Manhattan Federal Court after testifying yesterday during the trial of FTX CEO Sam Bankman-Fried, on October 11, 2023 in New York City. ankman-Fried has pleaded not guilty to seven counts of fraud and conspiracy in connection with the collapse of the crypto exchange he founded, FTX. (Photo by Spencer Platt/Getty Images) \Image: Spencer Platt via Getty Images\* ## Blurred Lines In her latest courtroom salvo, Sam Bankman-Fried's former colleague and romantic partner Caroline Ellison testified that her ex had what seems to be a pretty skewed moral compass. As [transcribed by *Bloomberg*](), the latest remarks from Ellison, the former CEO of FTX sister firm and [alleged slush fund Alameda Research](), show not only Bankman-Fried's philosophical tolerance for dishonesty, but his purported penchant for pushing others into it as well. SBF was, as Ellison put it, a "utilitarian" who didn't have much affinity for rules that prohibited lying and theft — a philosophy that ties in neatly with the [Effective Altruism movement]() that both ascribed to. Prior to the [arduous crash of the FTX crypto exchange]() last fall and its [stunning aftermath](), Bankman-Fried, then a billionaire, was considered the [poster boy for Effective Altruism](), which is centered on making as much money as possible so that it can be used to help make the world a better place. Though he [admitted nearly a year ago]() that the "ethics stuff" was "mostly a front," Bankman-Fried's utilitarian thinking nevertheless seems, at least per his ex-girlfriend's reckoning, to have played a major role in the way he ran FTX. "He thought the only moral rule that mattered," Ellison said in court today, "was doing whatever would maximize the utility." ## Spittin' As the 28-year-old said in her testimony, that attitude eventually rubbed off onto her and made her "more willing to do things like lie and steal." "When I started working at Alameda I don’t think I would have believed if you told me I would be sending false balance sheets to our lenders or taking customer money," Ellison added, "but over time it was something I felt more comfortable with." These remarks made during the former Alameda CEO's second day of testimony against Bankman-Fried offer another look into the [modus operandi]() and [self-regard]() of the disgraced crypto scion as more information comes out about him [in court](), [in the media](), and in a [bombshell new SBF biography]() by journalist Michael Lewis that dropped just in time for the trial to begin. During her previous appearance before the court, [Ellison said Bankman-Fried "directed" her]() to commit the financial crimes she [pleaded guilty to at the end of 2022](), which included multiple counts of fraud and conspiracy. "I sent balance sheets at the direction of Sam \[Bankman-Fried\] that made Alameda's balances look less risky to investors," she said during her October 10 testimony, [per transcription from the crypto site *Coindesk*](). We've long known that Ellison's testimony against her ex-boyfriend and alleged co-conspirator was going to [include loads of dirty laundry](), but the bars she's dropping are nevertheless keeping us riveted as the case barrels on. **More on SBF:** [*Alameda Secretly Had Value of Negative $2.7 Billion, Insider Tells Court*]() ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()