Home / News / What do we know about Caroline Ellison and Gary Wang, the senior associates behind FTX’s downfall?

What do we know about Caroline Ellison and Gary Wang, the senior associates behind FTX’s downfall?

Previously few weeks, Caroline Ellison has been slowly disappearing from the Web. Her LinkedIn profile, contact particulars and any photographs have all however disappeared from the web world. She final tweeted from @carolinecapital in early November.

Why? An insurance coverage coverage, or so it will appear. She, together with FTX co-founder Gary Wang, simply pleaded responsible to fraud in what’s being thought of crypto’s greatest downfall thus far.

So what do we all know in regards to the 28-year-old CEO of cryptocurrency hedge fund Alameda Analysis, Ellison and the 29-year outdated co-founder of FTX Wang?

Right here’s every thing we all know to this point.

What’s the backstory?

On Wednesday 21 December, Caroline Ellison and Gary Wang, two high executives at Sam Bankman-Fried’s crypto alternate FTX, pleaded responsible to fraud costs after it was uncovered that Alameda Analysis, Bankman-Fried’s crypto buying and selling agency, borrowed cash from buyer accounts to fund a sequence of dangerous bets.

The sister agency, Alameda, traded closely on FTX and is claimed to have profited whereas different clients misplaced cash. When FTX developed the crypto token FTT, Alameda purchased and offered it.

The plea comes per week after Bankman-Fried was arrested on eight costs together with wire fraud and conspiracy to defraud the US.

The complaints have been initially introduced forwards by two federal regulatory businesses, the Securities and Change Fee and the Commodity Futures Buying and selling Fee. They’ve now filed further civil fraud costs in opposition to Ellison and Wang.

Within the meantime, Bankman-Fried has been extradited again to the US from the Bahamas, the place FTX was primarily based. He may resist 115 years in jail.

It’s been broadly reported that Bankman-Fried, Wang and Ellison all truly lived collectively in a penthouse house on the island. There are additionally rumours that Bankman-Fried and Ellison have been at instances concerned romantically.

So who precisely are Caroline Ellison and Gary Wang?

At this second in time, nobody is basically positive who the shadowy figures behind the FTX scandal actually are.

With Ellison, the final consensus is she’s a hyper clever maths whizz, born in Boston to her mom Sara, a senior lecturer in economics at Massachusetts Institute of Expertise (MIT), and her father Glenn, the division head of economics at MIT.

Whereas finding out at Newton North Excessive Faculty, she received the Maths Prize for Ladies. She then proceeded to check the topic at Stanford College.

Ellison had a particular curiosity in efficient altruism – a philosophical and social motion that advocates discovering one of the simplest ways to assist others and in the end placing that answer into observe. She even joined Stanford’s Efficient Altruism Membership.

And it was this area of interest curiosity that meant when she began working for buying and selling agency Jane Road, she linked with colleague Bankman-Fried.

In the meantime, Wang helped Bankman-Fried co-found FTX. Graduating from MIT, he first labored at Google constructing methods to combination flight costs.

In 2018, Bankman-Fried and Wang launched FTX and onboarded Ellison amongst another shut buddies. They shipped enterprise to Hong Kong, all dwelling and dealing collectively. In these early phases, Ellison was the one lady concerned within the challenge.

As FTX began to snowball, Ellison largely remained behind the scenes. She grew to become CEO of Alameda in April this yr.

One barely unnerving aspect of this whole story is the living-working collectively state of affairs. Like a cult, 10 of the staff lived and labored collectively within the Bahamas. Everybody was coupled off, presumably to avoid wasting on hire, and CoinDesk reported Ellison and Bankman-Fried have been in an on-off relationship. The housemates all shared the identical therapist, too.

Ellison and Wang’s plea agreements have been filed with the Southern District of New York on December 18.

Ellison has been discovered responsible of seven costs which could land her 110 years in jail. Gary Wang has been discovered responsible of 4 costs. They’re each presently cooperating with authorities concerned within the investigation.

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