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An audio recording played in court on the seventh day of the SBF trial has surfaced online, revealing former Alameda Research deputy Caroline Ellison’s disclosure to employees about the misuse of customer funds days before Alameda’s collapse.

The recording, now available on SoundCloud, was posted by Insider reporter Sarah Gray on the evening of Oct. 12 and has since begun to make rounds on social media.

According to Ellison’s disclosure during the meeting, Alameda Research misused billions in FTX customer funds for high-risk venture investments and to service Alameda’s loans. The startling revelation came on the eve of Alameda’s collapse and the subsequent bankruptcy filings for FTX and affiliated companies.

Ellison previously testified about a series of crimes allegedly orchestrated and executed by ex-FTX CEO Sam Bankman-Fried. Ellison, having pleaded guilty to using billions from FTX users for Alameda’s benefit, claimed that Bankman-Fried had established the systems that facilitated these transactions. Ellison admitted to sending balance sheets that painted a less risky picture of Alameda than was accurate, contributing to a misunderstanding of Alameda’s financial health.

Ellison further testified that Alameda had received between $10 billion and $20 billion from FTX and third parties, with approximately $2 billion spent to repay loans, invest, and conduct stablecoin conversions. The remaining funds, she stated, were used for Alameda’s own purposes and other activities. Ellison’s revelations align with the testimony of FTX co-founder and former CTO, Gary Wang, describing an unlimited borrowing policy that allowed Alameda to withdraw coins even if these assets were not on hand.

Caroline Ellison has been among the government’s star witnesses in its case against the disgraced crypto mogul. She and Gary Wang both pled guilty to their respective charges stemming from the collapse of FTX in December 2022. Bankman-Fried has maintained his innocence.