In a series of private writings, Caroline Ellison, the former polyamorous partner of disgraced FTX founder Sam Bankman-Fried, revealed her concerns about causing drama during their numerous breakups. Ellison, who is expected to testify against Bankman-Fried in his upcoming trial for allegedly defrauding FTX customers out of billions, detailed her dissatisfaction and discomfort with their relationship in Google documents that were recently viewed by the New York Times. In one entry from February 2022, Ellison expressed her fear of making things uncomfortable and causing drama at the company, stating that there appeared to be no end in sight. Another post from April 2022, addressed to Bankman-Fried, described how a previous breakup had significantly diminished her enthusiasm for Alameda Research, FTX’s sister company. Ellison, a Stanford graduate selected by Bankman-Fried to lead Alameda, also conveyed her painful association with him in that post. The New York Times reports that these personal writings, including Ellison’s handwritten diary, have circulated among the lawyers involved in the case. Bankman-Fried, who is currently on house arrest, has maintained his innocence and pleaded not guilty to the charges. His trial is scheduled to begin on October 4th.
Caroline Ellison’s personal writings have once again drawn attention. Following her guilty plea in December for federal fraud charges, where she expressed her sincere remorse, Ellison’s doubts about her own leadership abilities at Alameda came to light. She cited improvement in “leadership” and “decisiveness” as necessary traits. Ellison questioned her comparative advantage and suitability for running Alameda in a document from April 2022. Her various other posts, particularly on social media, have also faced intense scrutiny since FTX and Alameda gained global attention. She raised eyebrows when she tweeted about her “regular amphetamine use” in 2021. Additionally, public analysis of Ellison’s personal Tumblr blog, which featured explicit references to polyamory, coincided with the collapse of FTX.
In addition to Ellison, at least two other former FTX executives, Nishad Singh and Gary Wang, are cooperating with authorities in the case. Ellison’s testimony is anticipated to be crucial in securing a conviction against Bankman-Fried due to Alameda’s central role. Bankman-Fried and a close group of associates stand accused of misusing FTX customer funds to cover losses from high-risk investments at the cryptocurrency hedge fund and to finance a lavish lifestyle that included extravagant property acquisitions in the Bahamas. A representative for Bankman-Fried has not yet responded to a request for comment.
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