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Caroline Ellison

Former CEO, Alameda Research

Search every verified Caroline Ellison interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Caroline Ellison, the former CEO of Alameda Research, testified in the 2023 criminal trial of Sam Bankman-Fried, the founder of FTX. Ellison, who pleaded guilty to fraud and conspiracy charges, stated that Bankman-Fried directed her to commit crimes, including using FTX customer deposits to repay Alameda’s loans and creating misleading balance sheets to conceal the firm’s financial issues. She testified that Alameda borrowed around $10 billion in FTX customer funds that it had no way to repay, and that Bankman-Fried instructed a small circle of trusted advisers to use disappearing messages and avoid putting incriminating details in writing. Ellison described living in a "constant state of dread" as the situation deteriorated, and said she felt a "sense of relief" when FTX collapsed in November 2022 because she "didn't have to lie anymore." In her testimony, Ellison also stated that Bankman-Fried described himself as a utilitarian and did not believe rules like "don't lie" or "don't steal" applied to him. She said he suggested boosting FTX’s market share by getting regulators to crack down on rival exchange Binance, and that he considered selling FTX stock to investors such as the Saudi Crown Prince. Ellison’s testimony included details from an all-hands meeting she held with Alameda employees on November 9, 2022, in which she explained that the firm had borrowed funds on FTX to meet loan recalls, leading to a shortfall in user funds. She told employees that Alameda would likely wind down after repaying its creditors. Separately, in October 2025, Ellison appeared in a video series about microenterprise projects, speaking in her capacity as an associate professor at UNISA about a lawnmowing business for a person with a disability.

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