“Bankman-Fried relied on Ellison and he trusted her to act as the CEO and manage the day-to-day,” Cohen said in his opening statement last week. “… As the majority owner of Alameda, he spoke to Ms. Ellison, the CEO, and he urged her to put on a hedge, something that would protect against such a downturn. She didn’t do so at the time, and this also becomes an issue later on, when the storm hit.”

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