Caroline Ellison
19 hours agoCaroline Ellison is the former CEO of Alameda Research and a previous executive at the cryptocurrency exchange FTX. She received her education at Stanford University and began her career at Jane Street Capital, a global proprietary trading firm that traded over $17 trillion in securities in 2020.
In 2018, while employed at Jane Street Capital, Ellison met Sam Bankman-Fried (SBF), who was also a former employee of Jane Street. SBF convinced her to leave Jane Street and join his trading firm, Alameda Research, which focused on trading digital currencies.
Initially, the company was based in Berkeley, California, before relocating to Hong Kong, and eventually settling in the Bahamas due to unfavorable changes in crypto regulations in Hong Kong.
In 2019, SBF launched the cryptocurrency and derivatives exchange FTX, serving as CEO for both FTX and Alameda. By October 2021, SBF aimed to reduce his involvement at Alameda to concentrate on the crypto exchange, leading him to step down as CEO and appoint Ellison and Sam Trabucco as co-CEOs.
Their appointment resulted in Forbes featuring them in the 30 Under 30 list of successful executives in 2022. However, just a few months later, in April 2022, Trabucco resigned as co-CEO, leaving Caroline Ellison as the sole CEO of Alameda Research.
Following a liquidity crisis at FTX that led to its Chapter 11 bankruptcy filing, Alameda Research also filed for bankruptcy shortly thereafter. Recent disclosures indicate that SBF, Ellison, and other executives from FTX and Alameda were involved in transferring billions of dollars in FTX customer funds to Alameda to cover poor trading decisions and liabilities from existing loans taken out for investments in other businesses.
Ellison was terminated from her position at FTX after the Chapter 11 bankruptcy filing and the appointment of a new CEO for FTX. On December 21, 2022, Caroline Ellison, along with Gary Wang, the former CTO of FTX, was charged by the SEC with defrauding investors by manipulating the price of FTT, which inflated the valuation of Alameda’s FTT holdings and overstated the value of collateral based on FTT. The SEC further stated that Ellison was directly involved in misappropriating FTX customer funds to support Alameda’s trading activities.
The following day, Caroline Ellison and Gary Wang pleaded guilty to all charges brought against them by the SEC in connection with the collapse of FTX.
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