Sam Bankman-Fried’s ex-girlfriend, Caroline Ellison, took the stand to testify against him, revealing a web of deceit and embezzlement at FTX. Ellison, who was one of Bankman-Fried’s top executives and ran day-to-day operations for Alameda Research, testified that Bankman-Fried “directed me” to steal billions from customers of his cryptocurrency exchange, FTX.

According to Ellison, Alameda Research, a crypto trading firm controlled by Bankman-Fried, took around $14 billion from FTX customers to repay debts accumulated by Alameda. She also admitted to sending information to Alameda’s lenders, on Bankman-Fried’s instructions, to make Alameda’s balance appear better than it actually was. These crimes, Ellison claimed, were not committed on her own, but rather, she was directed by Bankman-Fried himself.

[Quick note: Cryptocurrencies are a fraud and have no value. Thanks.]

The testimony from Ellison, who is the star witness for the prosecution, corroborated earlier statements from FTX and Alameda co-founder, Gary Wang, who revealed that Alameda had unlimited access to FTX customer funds. This testimony supports the prosecution’s argument that Bankman-Fried embezzled billions from FTX customer funds, defrauding investors and lenders.

SBF’s defense, however, will attempt to shift blame onto Ellison, claiming that he had urged her to put on a hedge to protect against falling crypto prices, but she failed to do so. Bankman-Fried, who has pleaded not guilty to all charges, has maintained that he did not steal money from FTX, as he believed in “good faith” that Alameda could use the funds on deposit with his exchange.

The trial has exposed the lies behind Alameda Research and FTX, revealing a culture of deception and financial manipulation. Which is what is always expected when a crypto company fails. Rinse. Repeat.