Former FTX Executive Caroline Ellison Faces Sentencing for Role in Crypto Fraud

Caroline Ellison, a key witness in the FTX case, is set to be sentenced on Tuesday for her role in one of the largest financial frauds in history. Ellison, 29, a former crypto executive, pleaded guilty to multiple charges in connection with the federal fraud and conspiracy case involving the crypto trading platform.

**Ellison cooperated extensively with prosecutors and was a key witness during the trial of former FTX CEO Sam Bankman-Fried, her former boyfriend.** She testified over three days, admitting to committing fraud at Bankman-Fried’s direction.

Bankman-Fried was found guilty on all counts for defrauding FTX customers out of $8 billion. He was sentenced in March to 25 years in prison.

Prior to her sentencing, Ellison’s attorneys urged Judge Lewis Kaplan to be lenient, arguing she “unflinchingly acknowledged her own wrongdoing” and provided “extraordinary cooperation” to the government.

Federal prosecutors agreed that Ellison’s cooperation was “crucial to the Government’s successful prosecution” of Bankman-Fried.

**Ellison faces a potential sentence of 110 years in prison.** Prosecutors declined to make a specific sentencing recommendation, while defense attorneys suggested a sentence in line with a recommendation from probation officials of time served plus three years supervised release.

They argued that Ellison poses no risk to public safety and that her early disclosure of the crimes, acceptance of responsibility, and cooperation with the government warrant leniency.

**Ellison’s relationship with Bankman-Fried, which began when she was an intern at Jane Street Capital, played a significant role in her actions.** Her attorneys described their “on-again-off-again, sometimes-secret relationship” as having “warped” her moral compass and led her to participate in Bankman-Fried’s fraudulent activities.

Two other former FTX executives who also pleaded guilty in the case, Nishad Singh and Gary Wang, are set to be sentenced in October and November, respectively.