Jurors at Sam Bankman-Fried's criminal fraud trial heard a recording Thursday of the the infamous all-hands meeting in which the fallen crypto king's ex-lover blamed him for making the fateful decision to use customer funds to plug losses at his failed hedge fund.

"Um....Sam I guess," says Caroline Ellison in the recording played by federal prosecutors.

Ellison also admitted that "I think like, FTX, like, basically, always allowed Alameda to, like, borrow user funds as far as I know," - and dodged a question about whether the theft was an impromptu "yolo" decision, a reference to the saying, popular with millennials, that "you only live once."

Prosecutors introduced the recording into evidence after briefly calling former Alameda employee Christian Drappi to the stand.

The trial is set to resume Friday morning with testimony from Zac Prince, the CEO of crypto lender Block Fi, which reportedly was aware of FTX's financial issues months before the crypto exchange folded.

Caroline Ellison is now off the stand after a largely drama-free cross-examination Thursday by Sam Bankman-Fried's lawyers.

Bankman-Fried's defense attorney, Mark Cohen, spent most of the day questioning Ellison about her financial strategy and accounting practices while running the fallen crypto titan's hedge fund Alameda Research.

At a few points, Cohen implied that Ellison should have reduced Alameda's risk by "hedging" the company's financial bets.

Ellison admitted that the company did make "terrible mistakes" — but maintained that her ex-boyfriend Bankman-Fried was the one truly calling the shots on important Alameda decisions, like repaying lenders with more than $8 billion of FTX user funds.

Ellison also disclosed Thursday that Bankman-Fried talked her out of quitting Alameda months before FTX's collapse.

"He told me that I couldn't, that I was too important," Ellison said on the stand.

"I trusted his opinion and I didn't want FTX and Alameda to collapse," she added. 

Former Alameda employee Christian Drappi was the next witness called after Ellison wrapped her testimony.

When FBI agents raided her home days after her ex-boyfriend Sam Bankman-Fried's crypto exchange imploded, Caroline Ellison was dating one of the embattled company's other employees, testimony revealed Thursday.

Ellison was staying with her parents and new "boyfriend" — who also worked at the disgraced crypto magnate's exchange FTX and hedge fund Alameda — at the time of the raid, she told jurors.

"My boyfriend was there, and my mom's cleaner who came once a week," Ellison recalled of the November 2022 episode.

Federal agents seized computers belonging to Ellison, her parents, and the boyfriend, Ellison testified.

The boyfriend was not identified. 

Ellison earlier testified that she dated Bankman-Fried on and off between the summer of 2020 and spring of 2022.

Good morning from Sam Bankman-Fried's trial in Manhattan federal court - where the fallen crypto titan's ex-lover and business partner Caroline Ellison is back on the stand for her third day of testimony.

Bankman-Fried's attorneys are expected to cross-examine Ellison for the next few hours.

Ellison - who is testifying as part of a cooperation deal with prosecutors - on Wednesday told jurors that Bankman-Fried believed he didn’t need to follow moral codes such as “don’t lie” and “don’t steal,” because he was a "utilitarian" working for the “greater good” of society.

The Stanford-grad, who headed Bankman-Fried's hedge fund Alameda Research, has also testified that it was her ex who decided to steal more than $8 billion of customer funds at Bankman-Fried's crypto exchange FTX to plug Alameda's losses.

Fallen crypto king Sam Bankman-Fried ignored rules like “don’t lie” and “don’t steal” because they didn’t fit into his “utilitarian” moral code about how to achieve the “greater good,” his ex-girlfriend testified at his fraud trial Wednesday.

“He said that he was a utilitarian and he believed that the ways that people try to justify rules like ‘don’t lie,’ ‘don’t steal,’ under utilitarianism didn’t work,” Caroline Ellison, 28, told jurors in Manhattan federal court.

Bankman-Fried has been charged with stealing more than $8 billion in user funds stored at his crypto exchange FTX to plug losses at his hedge fund Alameda Research.

He told Ellison, his on-and-off girlfriend, that “the only moral rule that matters was what maximized utility” — meaning “whatever generates the greatest good for the greatest number of people.”

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Ellison started crying on the stand while she recounted the moments after the truth started to come out in November 2022 about Alameda using FTX user funds to plug its losses.

"One of the feelings that I had was a feeling of relief because it was something that I had dreaded for so long," Ellison testified, looking down at the witness table.

"I felt a sense of relief that I didn't have to lie anymore and could take responsibility for what I had done," Ellison added. "It was overall the worst week of my life."

Caroline Ellison was close to tears this morning as she was asked to describe her state of mind about the hedge fund she ran at one point holding $13 billion worth of FTX user deposits.

"I was in a state of dread," a sniffling Ellison told jurors, in the most emotional moment during her two days of testimony.

"I was kind of thinking and worrying about what might happen if too many people tried to withdraw too much money at one time," Ellison added.

Ellison also testified that Bankman-Fried told her that he was a self-described "utilitarian" — and that rules like "don't lie" and "don't steal" didn't fit neatly into his moral framework.

"He thought the only moral rule that matters was what maximized utility, so essentially, whatever generates the greatest good for the greatest number of people," she said on the stand.

More than $8 billion worth of crypto assets held by FTX users ended up vanishing when Bankman-Fried's crypto exchange collapsed in November 2022, the feds say.

Court proceedings have now paused for a lunch break until 1:30 p.m.

Caroline Ellison has testified in granular detail today about how she helped Sam Bankman-Fried's hedge fund, Alameda Research, borrow $10 billion of FTX user funds — and took steps to cover the company's tracks.

In June 2022, Alameda sent over doctored balance sheets to one of its lenders that hid the fact that the company — of which Ellison, 28, was CEO — had been dipping into customers' crypto wallets, she said.

The Stanford-educated math whiz — who is also Bankman-Fried's ex-girlfriend — said she followed his orders to send the false files to crypto lending firm Genesis, despite knowing that doing so was wrong.

"I really didn't want to be dishonest, but I also didn't want them to know the truth," Ellison told jurors.

Genesis had been a heavy investor in Alameda, and at the time was considering whether to pull out $500 million of its funds held with Bankman-Fried's company.

Genesis ended up declaring bankruptcy in January, a few months after FTX's November 2022 collapse.