New court documents reveal that former FTX executive Caroline Ellison is set to be sentenced later this month for her role in the multi-billion-dollar downfall of the crypto exchange in 2022.
According to new court filings, Ellison – who once was the girlfriend of jailed FTX co-founder Sam Bankman-Fried and the CEO of FTX’s sister firm Alameda Research – will be sentenced on September 24th.
[adinserter block="1"]The filings indicate that Ellison is also seeking to redact specific information related to the people who sent letters of support on her behalf as well as information about her living and medical conditions to reduce the risk of being harassed.
Ellison, who testified against Bankman-Fried during the high-profile case, said that the FTX founder instructed her and others to commit crimes. At the time, she said that he “set up the systems and told us to take the money.”
Bankman-Fried was found guilty in November 2023 and subsequently sentenced to decades behind bars for defrauding investors and mishandling billions of dollars worth of customer funds.
It was found that the executive would send the funds deposited by FTX customers to Alameda Research – the company headed by Ellison at the time – so the firm could make risky crypto bets and engage in Bitcoin (BTC) arbitrage trading.
According to Ellison, FTX could not give back customers their funds when they wanted to withdraw because Alameda had used them to repay debts.
In August, a court ordered the bankrupt crypto exchange to pay $12.7 billion to its former customers and victims.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
