Caroline Ellison admits to concealing billions of dollars of F | C

Caroline Ellison admits to concealing billions of dollars of FTX loans

FTX associate Caroline Ellison admitted during her plea deal that she concealed billions of dollars worth of loans, according to a Reuters report on Dec. 23. FTX to borrow funds from Alameda without limit. The two executives also hid that fact from investors and the wider public.

Alameda Research is generally considered a sister firm of FTX, as Bankman-Fried founded both firms. While FTX operated as a cryptocurrency exchange, Alameda served as a hedge fund, allowing the two companies to work together closely. Ellison admitted to the lending arrangement in a statement to U.S. District Judge Ronnie Abrams in Manhattan federal court.

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