The Price of Devotion: A Tale of Loyalty and Betrayal

Caroline Ellison's story is one of entrapping passion and crippling dependence. As the co-chief executive of Alameda Research, she was deeply entwined with her on-again, off-again boyfriend, former FTX CEO Sam Bankman-Fried. Ellison's relationship with Bankman-Fried began when she was just an intern at Jane Street Capital, and it was a complex web of emotions that would eventually lead her down a path of destruction. Ellison's devotion to Bankman-Fried was rooted in her desire for validation and acceptance. She believed she wasn't good enough to be seen in public with him, so she stayed at Alameda, working grueling hours and fueled by Adderall. Her attorney describes the relationship as "fundamentally unequal" and how it warped her moral compass, leading her to take actions she knew were wrong. Despite her role in one of the largest financial frauds in history, Ellison's lawyers argue she deserves leniency due to her extraordinary cooperation with the government. Ellison's willingness to come clean about her involvement in the fraud before FTX's collapse, as well as her remarkably candid and remorseful testimony, has impressed federal prosecutors. They agree that her cooperation was crucial in securing a conviction for Bankman-Fried, although they declined to make a specific sentencing recommendation.