FTX Executive Caroline Ellison Released from Custody

Bassyonni

ago 15 hours

FTX Executive Caroline Ellison Released from Custody

Caroline Ellison, the former executive of cryptocurrency exchange FTX, has been released from custody after approximately 14 months. She is now free after spending time in community confinement. A spokesperson from the Federal Bureau of Prisons confirmed her release took place on Wednesday.

Details of Release

Ellison, who is 32 years old, had been transferred to community confinement in October from a Connecticut prison. This move occurred after she completed around 11 months of her two-year sentence. Originally slated for release in February, her date was unexpectedly adjusted for an earlier departure.

Charges and Sentencing

In September 2024, Ellison was sentenced to two years in prison for her role in a major fraud scheme alongside Sam Bankman-Fried, the founder of FTX. The fraud involved an estimated $11 billion. During her trial, Ellison served as a crucial witness against Bankman-Fried.

Judicial Remarks

At her sentencing, U.S. District Judge Lewis Kaplan acknowledged Ellison’s cooperation and expressed that her genuine remorse was commendable. However, the seriousness of the fraud led to a prison sentence rather than probation, which her legal team had sought.

Future Considerations

Following her prison term, Ellison faces three years of supervised release. Her involvement with FTX also included her position as CEO of Alameda Research, a trading firm closely linked to the operations of FTX.

Bankman-Fried’s Status

Sam Bankman-Fried was ultimately found guilty of various charges, including wire fraud and money laundering, and is currently serving a 25-year sentence in a federal facility in Los Angeles. He is in the process of appealing his conviction.