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Cryptocurrency News Articles
Caroline Ellison, Former Alameda Research CEO, Sentenced to Two Years in Prison for Role in FTX's Collapse
Sep 25, 2024 at 05:07 pm
This case also raises important questions about trust in the crypto market. Many people are now wondering how to keep their investments safe in a world that can sometimes feel like the Wild West.
Caroline Ellison, the former CEO of Alameda Research, was sentenced to 24 months in prison for her role in the FTX fraud.
Ellison's sentence includes three years of supervised release, a $100,000 fine, and forfeiture of $223,433,904.
Ellison was among the top executives at FTX and Alameda who pleaded guilty to criminal charges in December, quickly agreeing to cooperate with prosecutors in the fraud case that bankrupted the crypto exchange last year and led to the arrest of its founder, Sam Bankman-Fried.
Ellison, the daughter of two economists at the Massachusetts Institute of Technology, had a romantic relationship with Bankman-Fried while they were at the helm of FTX and Alameda, respectively.
Ellison's lawyers highlighted her cooperation with the government's investigation and her "extraordinary acceptance of responsibility" in arguing for leniency at her sentencing.
Prosecutors, on the other hand, maintained that Ellison's fraud was "staggering" and that she played a "central role" in the FTX and Alameda scheme, which they said "defrauded investors out of billions of dollars and devastated the finances of innocent people."
Ellison's sentencing comes ahead of Bankman-Fried's trial, which is scheduled to begin in October and will likely attract immense attention in the crypto and finance worlds.
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