Net Worth Ranker
What Is Caroline Ellison’s Net Worth?
Caroline Ellison, a prominent figure in the cryptocurrency world, has a net worth estimated at $5 million. This wealth and notoriety were largely accumulated during her tenure as CEO of Alameda Research, a cryptocurrency trading firm co-founded by Sam Bankman-Fried. Her career trajectory took a dramatic turn when Alameda Research, along with FTX and over 100 affiliated entities, declared Chapter 11 bankruptcy in late 2022, amidst a massive financial scandal.
Caroline Ellison’s Role at Alameda Research and the FTX Scandal
Ellison’s involvement with Alameda Research began in March 2018, joining the firm which had been co-founded by Sam Bankman-Fried and Tara Mac Aulay the previous year. In October 2021, she ascended to the position of co-CEO, sharing leadership responsibilities with Sam Trabucco. Following Trabucco’s departure in the summer of 2022, Ellison became the sole CEO. Beyond her role at Alameda, Ellison also played a crucial role in the establishment and growth of Bankman-Fried’s cryptocurrency exchange, FTX, and its associated hedge fund. Allegations surfaced in late 2022, claiming Alameda owed $10 billion to FTX, with the assertion that FTX had utilized customer funds to provide these loans. Ellison admitted to this activity, acknowledging that she, along with Bankman-Fried, Gary Wang, and Nishad Singh, were aware of the misappropriation of customer assets and the concealment of related information. The scandal resulted in the evaporation of FTX’s value, which had once peaked at over $30 billion. The legal ramifications of these events led to her pleading guilty to seven charges, including wire fraud and money laundering, in December 2022. Consequently, in September 2024, Ellison was sentenced to two years in prison. It was also alleged that in the months leading up to the downfall of Alameda and FTX, Ellison transferred $22.5 million from Alameda to a personal account, labeling one $10 million transfer as a “bonus.” During her time at Alameda, Ellison testified that she earned a base salary of $200,000 per year and received a $20 million bonus in 2021.
Early Life and Education
Born in November 1994, Caroline Ellison’s upbringing was rooted in academia. Her parents, Glenn and Sara Ellison, both economists at MIT, raised her in the suburbs of Boston, Massachusetts. During her teenage years, she attended Newton North High School, where she demonstrated her intellectual capabilities by representing the United States at the 2011 International Linguistics Olympiad. Continuing her academic pursuits, she attended Stanford University, ultimately graduating in 2016 with a Bachelor’s degree in Mathematics. Throughout her college years, Ellison actively participated in the annual Putnam Competition, further showcasing her mathematical aptitude.
Career Beginnings at Jane Street
Following her graduation from Stanford, Caroline Ellison embarked on her professional journey by joining Jane Street, a global proprietary trading firm located in Berkeley, California. Serving as a junior trader for approximately a year and a half, she honed her skills and gained valuable experience in the trading industry. During this time, she crossed paths with Sam Bankman-Fried, an encounter that would significantly shape her career trajectory.
Effective Altruism and Forbes Recognition
Ellison and Bankman-Fried were proponents of “effective altruism,” a philosophy advocating for maximizing wealth to donate to charitable causes. Caroline Ellison, along with Alameda co-CEO Sam Trabucco, were featured in Forbes’s “30 Under 30” list. The Forbes profile highlighted Alameda’s purported earnings of $3-4 million daily, with subsequent investments in blockchain platforms like Uniswap and Compound.
Aftermath and Testimony
In the wake of the solvency crisis and financial scandal, Ellison was removed from her position as CEO of Alameda. Concurrently, Alameda, FTX, and over 100 affiliated companies sought bankruptcy protection under Chapter 11. Bankman-Fried was arrested in the Bahamas in December 2022 and charged with multiple offenses, including wire fraud and conspiracy. On October 10, 2023, Ellison testified against Bankman-Fried, admitting to fraud alongside Bankman-Fried, Gary Wang, and Nishad Singh, estimating the fraud to be approximately $4 billion. She testified to raising concerns about creating fake balance sheets, fearing an audit, but stated that Sam told her not to worry. Ellison claimed to have immediately invested $10 million of the $20 million bonus in an unnamed startup, gave $100,000 to her parents and transferred $2 million to a donor-advised fund.
Personal Life and Relationships
According to reports from former employees of Alameda and FTX, Caroline Ellison and Sam Bankman-Fried were romantically involved. Ellison, who identifies as polyamorous, reportedly resided with Bankman-Fried and eight others in a luxury penthouse in the Bahamas.
