Former Alameda CEO Caroline Ellison Officially Sentenced in FTX Case

Former CEO of Alameda Research and Sam Bankman-Fried's ex-partner, Caroline Ellison, has officially been sentenced to 2 years in prison for her involvement in the FTX scandals.

Former Alameda Ceo Caroline Ellison Officially Sentenced In Ftx Case

In the latest development of the 2022 FTX collapse, which shook the financial world, on September 24, Caroline Ellison, the former CEO of Alameda Research, was sentenced to two years in prison during a trial in New York. This marks the conclusion for one of the key figures in the FTX collapse, which caused billions of dollars in losses for global investors.

Ellison, who was the CEO of Alameda Research and the former partner of Sam Bankman-Fried
Ellison, who was the CEO of Alameda Research and the former partner of Sam Bankman-Fried

Ellison, who was the CEO of Alameda Research and the former partner of Sam Bankman-Fried, quickly “flipped” after FTX’s downfall. Just a month after the collapse, she pled guilty and agreed to testify against her former colleagues in hopes of leniency. In court, Ellison once again expressed deep remorse. Judge Kaplan acknowledged her sincere regret, even remarking that it was a rare case in his 30 years of experience. However, due to the severity of the crimes, the sentence remained unchanged as a deterrent.

In addition to the two-year prison sentence, Ellison faces the responsibility of addressing the massive $11 billion loss. However, she will serve her sentence at a “low-security” facility, a detail reflecting some level of leniency from the court.

The FTX case does not end with Ellison. Other close associates of Sam Bankman-Fried, such as Gary Wang, Nishad Singh, and Ryan Salame, have also pled guilty and faced sentencing. Notably, Salame was sentenced to 7.5 years in prison and 3 years of probation in May this year.

The trial of Sam Bankman-Fried, which lasted more than a month at the end of 2023, revealed serious misconduct at FTX, ranging from illegal use of customer funds to system loopholes that allowed withdrawals without detection.

Related: Sam Bankman-Fried Sentenced to 25 Years in Prison for 7 Charges

With this sentence, Caroline Ellison will have to serve at least 75% of her prison time before being eligible for early release, as per U.S. law. This can be seen as the final chapter in the collapse of one of the largest crypto empires in the world and a stark warning to the global financial community.

Love

0.0/5

Love

Latest

Pump.fun Acquires Kolscan Wallet Tracker Ahead Of $600 Million Ico

News | Editor Choice | Memecoin

Pump.fun Acquires Kolscan Wallet Tracker Ahead of $600 Million ICO

Pump.fun has unexpectedly acquired the Kolscan wallet tracking tool just ahead of its $600 million ICO, aiming to enhance its analytics capabilities and expand its social trading ecosystem on the blockchain.

Xrp Could Surge To $11, $20, Or Even $30 If Historical Pattern Repeats

News | Altcoin | Editor Choice

XRP Could Surge to $11, $20, or Even $30 If Historical Pattern Repeats

XRP is expected to enter a strong bullish cycle after successfully retesting a key EMA level, with potential price targets of $11, $20, or even $30 if historical trends repeat.

Invite Friends For Big Rewards On Mexc!

Airdrops | Editor Choice

Invite Friends for Big Rewards on MEXC!

Join the referral program at MEXC and invite your friends to trade cryptocurrencies to earn exciting rewards!

Robinhood Launches Ethereum And Solana Staking For U.s. Users

News | Editor Choice | Policy & Regulations

Robinhood Launches Ethereum and Solana Staking for U.S. Users

Robinhood has officially launched Ethereum and Solana staking for U.S. users, allowing participation starting from just $1 as it ramps up its ambitions in the crypto space.

Bnb Foundation Continues To Burn Bnb Worth Up To $1 Billion

Airdrops | Editor Choice

BNB Foundation Continues to Burn BNB Worth Up to $1 Billion

The BNB Foundation has announced its 32nd token burn, destroying 1,595,599.78 BNB, equivalent to approximately $1.024 billion. This reduces the total remaining supply to 139,289,513.94 BNB.