Connect with us

24/7 Cryptocurrency News

Who is Caroline Ellison? Former Alameda CEO Faces Sentencing Over FTX Crash

Published

3 months ago

on


The FTX collapse has left a big mark on the investor’s minds on how their funds are not entirely safe, even in such big corporations. FTX was among the biggest crypto exchanges before filing for bankruptcy in 2022 after utilizing user funds for personal investments. As a result, the FTX and its sister company Alameda Research came into the spotlight for money laundering, stealing user funds, and much more, putting the former FTX CEO Sam Bankman 25 years into prison, and the legal cases are running for his associates. One of those associates is Caroline Ellison, who is up for sentence verdict this month as she is guilty of seven charges including her role in the FTX crash.

Who is Caroline Ellison?

After months of almost no discussion in the media, Caroline Ellison’s name has reappeared. A 30-year-old former Alameda Research CEO is up for sentencing after she pleaded guilty to fraud, money laundering, and many other charges, leading to the FTX crash. She was long due for the sentence and asked for protection for Supporters’ identities amidst sentencing in the recent filing on September 9.

Ellison was born in 1994 and has developed a deep love for mathematics. This love comes from her parents, Glen and Sara Fisher Ellison’s careers, as they worked as economists at MIT and had all three daughters an upbringing with the best education in mind.

Over the years, Ellison has won many awards in mathematical competitions, olympiads, and other areas. She also chose Mathematics as her major for higher education, and she went to Stanford University, graduating in 2016. During this period, she got interested in effective altruism, a data-based philanthropic movement. She later met the former FTX CEO, Sam Bankman-Fried, based on this common interest.

Caroline Ellison’s Role In FTX Collapse & Her Relationship With Sam Bankman

Caroline met Sam Bankman when she joined Jan Street as an equity trader in 2017. This role was cohort mentored by Sam. However, he left the company soon, but stayed in touch and later reconnected with her over coffee in 2017. This was the time when he asked her to join Alameda Research. Later, she became co-CEO and CEO by August 2022, as Sam Trabucco stepped down. Despite her being in positions, Bankman made all the decisions, as revealed in the SEC filing.

Her connection with FTX became clear when she stepped up per Sam’s instructions to manipulate the balance sheet data of Alameda research after Coindesk showed concern in November 2022.

Why is @FTX_Official sending Alameda $10M in USD while freezing withdrawals for users?https://t.co/nVZ7LtAlTJ pic.twitter.com/VhR4hC8tRW

— Jason Choi (@mrjasonchoi) November 9, 2022

Another anonymous source led to the revelation of the exchange’s poor financial stats, involving her. During a company meeting, she admitted to FTX using the user funds and Alameda’s role in that. With this, Sam Bankman, Nishad Sigh, Garing Wang, and she was involved in this misusing of users’ funds.

Interestingly, Michael Lewis’s book about Bankman-Fried reveals that Sam and Caroline were in a romantic relationship. Sam even made a pros and cons list of dating him. It gets clear with her docs diary, where she wrote: “too associated with you in a way that was painful.”

Caroline Is Up For 110 Years Sentence In Upcoming Hearing

Caroline Ellison is going to be the third person sentenced in this FTX crash case. First was Sam, with a sentence of 25 years, but now the lawyer has filed for an appeal. Second is former FTX Digital Markets co-CEO Ryan Salamane, where he will serve for 90 months after October 13. And Caroline will be third if the next hearing, scheduled for September 24, makes the sentence rulings.

As per the experts, considering her involvement with seven fraudulent activities and money laundering charges, she might get a maximum sentence of 110 years. However, due to her cooperation and testimony in Sam’s arrest, she might have a decent decrease in the sentence period.

✓ Share:

Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading

24/7 Cryptocurrency News

Moonpay In Talks To Acquire Coinbase Commerce Rival Helio

Published

3 hours ago

on

December 23, 2024

By


Multinational financial technology firm Moonpay is reportedly in talks to buy Helio as it looks to bolster its crypto service offerings. According to a scoop shared by Fox Business journalist Eleanor Terrett, the Helio deal is worth about $150 million. If successful, this will mark the largest acquisition made by the Miami-based firm since its inception.

Moonpay and Helio as the Power Duo

While much detail has not emerged regarding the terms of the deal, many in the ecosystem are already weighing the potential. Notably, Helio will enable Moonpay to compete directly with Coinbase Commerce as a self-service crypto payments outfit.

Helio enables content creators and ecommerce merchants to get paid for their products and services using crypto. Among the available products includes Solana Pay, the payments engine powering the DexScreener platform. As Terrett highlighted, the Solana Pay outfit is also integrated into Shopify.

Moonpay occupies a unique role in the crypto ecosystem. It currently powers a lot of crypto payments services with an extensive partnerships record. As reported by Coingape in October, it landed a Venmo partnership to enable crypto access to 60 million users worldwide.

With crypto adoption growing, the need for more merchant integrations have grown considerably. Moonpay is among the infrastructure firms benefitting from these growth and Helio might help amplify this.

Growing Corporate Investments in Crypto

Since the victory of Donald Trump as president-elect last month, the corporate alignment has increased. Suddenly, companies are beginning to revamp their investment strategies in a bid to benefit from the potential incoming pro-crypto administration.

From Justin Sun investing $30 million into World Liberty Financial to Tether’s latest $775 million investment in Rumble, firms are largely diversifying their portfolios.

While M&A activities beyond the potential Moonpay deal might appear too formal, the presence of Bitcoin and Ethereum-based ETF products is removing entry barriers for firms.

BlackRock invests in IBIT, setting a precedent for state pension funds to also join the trend. Asset management firms are doubling down on other crypto ETF products to grant firms more access to gain exposure to the crypto industry.

✓ Share:

Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

5 Tokens Ready For A 20X After Solana ETF Approval

Published

7 hours ago

on

December 23, 2024

By


The US Securities and Exchange Commission (SEC) looks likely to approve a Solana exchange-traded fund (ETF) under Donald Trump’s administration. With this Solana ETF approval looking imminent, there are tokens that are ready to enjoy a 5x price increase once this happens.

5 Tokens That Could 20x After A Solana ETF

Bloomberg analysts recently suggested that a Solana ETF could launch at some point next year, although the exact timing remains uncertain due to some complex legal issues. Ahead of this potential launch, these are 5 tokens that could witness a significant price increase after the SEC approves a Solana ETF.

Jupiter (JUP)

Jupiter (JUP) is one of the tokens that is ready for a 20x price increase after a Solana ETF approval. The JUP price is in a good position to benefit from such bullish development, considering its status as one of the top Solana coins.

As such, the DeFi token will likely witness a parabolic surge on the back of an ETF approval. Crypto analyst Altcoin Scholar predicted that JUP could rally to $10 or higher in this bull run.

ImageImage

NebulaStride Token (NST)

NebulaStride Token (NST) is in a good position to witness a significant price increase after a Solana ETF approval. This ETF approval provides a bullish outlook for the crypto and NST, as a newer token, could enjoy one of the most gains.

As a newer token, NST could even record more than a 20x price increase since it has more room to run to the upside than these older coins. the token’s fundamentals also provides a bullish outlook for its as NebulaStride is revolutionizing the finance space.

Render (RENDER)

Render (RENDER) is another top Solana coin that is ready for a 20x price increase after a SOL ETF approval. The token already boasts a bullish outlook based on its ties to the artificial intelligence (AI) narrative.

ImageImage

Meanwhile, from a technical analysis perspective, crypto analysts have suggested that RENDER is well primed for a parabolic surge. In an X post, crypto analyst Exotrader predicted that the AI coin couuld rally to as high as $24 as long as it holds the $6.9 support level on the weekly close.

Bonk (BONK)

Bonk (BONK) has become more than just a meme coin in the Solana ecosystem. The top meme coin has gained several use cases and even boasts an exchange-traded product (ETP).

Meanwhile, it is worth mentioning the upcoming BONK token burn with 1 trillions coins set to be burnt. With this 1 trillion token burn on the horizon, the meme coin eyes a $0.11 price target.

XRP

XRP looks like an obvious play if the SEC were to approve a Solana ETF, especially if this approval comes before the one for an XRP ETF. In a scanario where a SOL ETF gets approved an XRP ETF, XRP will likely witness a 20x price increase as traders anticipate the XRP ETF next.

Moreover, crypto analysts have already provided a bullish outlook for the XRP price. One of these analysts is Dark Defender who predicted that XRP could rally to as high as $18 in this market cycle.

Conclusion

A Solana ETF approval is undoubtedly bullish for JUP, NST, RENDER, BONK, and XRP. These coins, most especially NST, are ready to enjoy a 20x price increase once these SEC approves the SOL ETF.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

BTC Risks Falling To $20K If This Happens

Published

10 hours ago

on

December 23, 2024

By


Bitcoin News: A recent report from The Kobeissi Letter hints at a potential BTC crash to $20,000 in the coming few weeks. The report cited Bitcoin’s relation with the global monetary supply, saying that if the crypto continues to move in tandem, it could witness a massive dip ahead. Besides, it also comes amid highly volatile trading noted in the broader crypto market, with the flagship crypto falling below the $100K mark recently.

Bitcoin News: Why BTC Can Crash To $20K?

In the latest Bitcoin news, the crypto could face a significant correction, potentially dropping to $20,000 in the coming weeks, The Kobeissi Letter said. The report highlights Bitcoin’s historical tendency to mirror global money supply trends, suggesting a steep decline might be on the horizon. The analysis revealed a close relationship between Bitcoin prices and global monetary supply, with BTC often reacting with a 10-week lag.

As global money supply peaked at $108.5 trillion in October, Bitcoin hit an all-time high of $108,000 recently. However, a subsequent $4.1 trillion drop in money supply to $104.4 trillion, its lowest since August, raises concerns about Bitcoin’s near-term trajectory.

Meanwhile, The Kobeissi Letter raised concerns over the potential crash ahead. They noted, “If the relationship still holds, this suggests that Bitcoin prices could fall as much as $20,000 over the next few weeks.” Notably, this prediction comes amid heightened market volatility, with BTC recently slipping below the psychological $100K mark. Such movements have amplified fears of a broader selloff in the crypto market, which has already faced pressure from global economic uncertainties.

Bitcoin news BTC and Global Money Supply RelationBitcoin news BTC and Global Money Supply Relation
Source: The Kobeissi Letter

What’s Next For BTC Amid Bearish Sentiment?

The latest positive Bitcoin news and strong rally this year showcased its resilience but this potential correction could pause its bullish momentum. Traders and investors are now closely monitoring macroeconomic factors, including shifts in monetary supply, which could significantly impact BTC’s performance. However, the question remains whether Bitcoin will defy this predicted trend or align with historical patterns.

If the BTC crash occurs, it would mark a critical juncture for the cryptocurrency market, testing Bitcoin’s role as a safe haven in uncertain times. For context, Robert Kiyosaki has recently hinted towards a looming economic depression, while urging investors to buy Bitcoin amid the economic turmoil.

However, popular crypto market expert Rekt Capital also said that the crypto “has confirmed a Bearish Engulfing Candlestick formation”, highlighting the bearish momentum in the market.

Bitcoin price analysisBitcoin price analysis
Source: Rekt Capital, X

In a separate post, the analyst said that BTC has lost its weekly support and its 5-week technical uptrend is over. Considering that, the expert warned about a potential multi-week correction for the crypto ahead.

BTC price Bitcoin newsBTC price Bitcoin news
Source: Rekt Capital, X

However, despite that, the institutional interest remained strong for the crypto. For context, Matador has recently revealed its plan to buy $4.5 million in BTC this month. On the other hand, MicroStrategy also continued its buying trend, indicating strong market interest.

Meanwhile, BTC price today was down more than 1% to $94,430, while its one-day trading volume jumped nearly 34% to $54.39 billion. Notably, the crypto has touched a high of $97,217 over the last 24 hours. In addition, a recent Bitcoin price analysis highlights three potential reasons that could help in ending the bearish momentum ahead.

✓ Share:

Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon