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SBF testified that FTX's collapse was due to Caroline Ellison's failure to fully hedge against the market downturn.

According to BlockBeats news on October 30th, FTX founder SBF testified on Monday that the FTX crash was caused by Caroline Ellison, head of Alameda Research trading company, failing to adequately hedge against the market downturn. He stated that he had requested Caroline Ellison to trade in order to offset the risk of cryptocurrency prices falling since the mid-term. SBF answered defense lawyers' questions by saying, "Ellison agreed that Alameda should hedge and said that some risk investment should not be made."

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