The New York TimesThe New York Times

She was a little-known crypto trader. Then FTX collapsed

By David Yaffe-Bellany, Lora Kelley and Cade Metz

23 Nov 2022 · 7 min read

Editor's Note

The NYT tells the story of Caroline Ellison, a low-profile crypto trader who has found herself in the eye of the FTX storm after publicly defending Sam Bankman-Fried's finances.

When his cryptocurrency exchange started teetering in early November, Sam Bankman-Fried went on Twitter to calm everyone down. FTX was fine, he insisted. Nothing to worry about. Joining him in the outreach was a close colleague: Caroline Ellison, the 28-year-old CEO of Alameda Research, a crypto trading firm Bankman-Fried also founded.

A little-known figure outside crypto circles, Ellison claimed repeatedly that Bankman-Fried’s empire was on stable financial footing. On Twitter, she sparred with Changpeng Zhao, CEO of Binance, who was voicing doubts about FTX and Alameda.

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