A former cryptocurrency CEO, Caroline Ellison, was sentenced to two years in prison for her involvement in a crypto fraud case involving her ex-boyfriend and FTX founder, Sam Bankman-Fried. Despite facing a maximum of 110 years, Ellison received a lighter sentence after pleading guilty to seven charges, including fraud.
Ellison played a key role as a witness in Bankman-Fried’s trial, where he was sentenced to 25 years for one of the largest financial fraud cases in history. During her testimony, Ellison accused Bankman-Fried of misusing customer funds for his risky projects, while he tried to shift blame onto her as a manager.
Bankman-Fried, once a billionaire by 30, had built FTX into the world’s second-largest cryptocurrency trading platform. However, the trial revealed that FTX had used customer assets for risky transactions, real estate purchases, and political donations, leading to the company’s collapse with over $8 billion in debt.
Ellison’s sentencing marks another chapter in the downfall of a once-prominent figure in the cryptocurrency world, shedding light on the dark side of the industry’s rapid rise and fall.
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