By Le Figaro with AFP
Published
2 hours ago,
Updated 49 minutes ago
”
data-script=”https://static.lefigaro.fr/widget-video/short-ttl/video/index.js”
>
Caroline Ellison pleaded guilty and testified against her partner, facing up to 110 years in prison for fraud.
The saga of the cryptocurrency kings is coming to a close. Sam Bankman-Fried’s former girlfriend Caroline Ellison, who pleaded guilty and testified against the former cryptocurrency idol at his trial, was sentenced Tuesday to two years in prison for her role in the case, Manhattan federal prosecutors said.
The former chief executive of Alameda Research, the hedge fund at the center of the case, theoretically faced a total of 110 years in prison after pleading guilty to seven counts, including fraud. While her defense had asked that she avoid any prison time, the Manhattan prosecutors had simply suggested to Judge Lewis Kaplan that she consider her cooperation. “copy”without requesting a specific sentence. Caroline Ellison had been a key prosecution witness at the trial of Sam Bankman-Fried, the fallen cryptocurrency superstar who was sentenced to 25 years in prison for one of the worst financial frauds in recent history. «SBF»who is serving his sentence in prison, has appealed.
The Fallen King of Cryptocurrencies
A billionaire before the age of 30, Sam Bankman-Fried had become a figure symbolizing the boom in cryptocurrencies, of which he had made himself an ambassador. In just a few months, he had made his small start-up FTX, launched in 2019, the world’s second largest cryptocurrency exchange platform. But the affair revealed that «SBF» used, without their consent, the assets of customers of its digital currency exchange FTX to make risky transactions through its sister company Alameda, to buy real estate or make political donations. FTX imploded in November 2022. At the time of its bankruptcy, approximately $9 billion was missing.
At trial, Caroline Ellison had described the accused as a kind of sorcerer’s apprentice, capable of dipping into clients’ funds to fuel his risky schemes without hesitation. Sam Bankman-Fried, on the other hand, had tried to pin the blame on his former girlfriend and associate, describing her as a poor manager.
Related News :