Caroline Ellison Was Alameda’s CEO, But Officials Say Sam Bankman-Fried Ran It

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When Sam Bankman-Fried told his side of the story of what happened to FTX, the crypto exchange that went bankrupt on his watch last month, he often pointed the finger elsewhere. His favorite target was Alameda Research, the trading firm where Caroline Ellison was chief executive.

This week, the U.S. government pointed back at Mr. Bankman-Fried.

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