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Star witness in FTX crypto saga is sentenced to 24 months in jail
The Guardian
|September 25, 2024
Caroline Ellison, the former crypto executive and romantic partner of the disgraced FTX founder Sam Bankman-Fried, was sentenced to 24 months in prison in Manhattan federal court yesterday.
Ellison was a central figure in the FTX bankruptcy saga and key witness for the prosecution in the $8bn fraud trial that ended with Bankman-Fried's conviction.
Ellison served as the CEO of Alameda Research, which was the trading arm of the now defunct FTX crypto exchange. The collapse of FTX, once valued at $32bn, was directly linked to revelations that it was attempting to financially prop up Alameda with fraudulent accounting. Subsequent investigations and criminal charges found that both FTX and the hedge fund had used billions in customer funds for risky trades and lavish personal spending.
This story is from the September 25, 2024 edition of The Guardian.
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