Caroline Ellison Lands Job at EA-Linked Nonprofit After Prison Release

Caroline Ellison, the former Alameda Research CEO who served two years in federal prison for her role in the FTX fraud, has quietly re-entered the workforce — at a nonprofit linked to the effective altruism movement that FTX itself once funded. Austin Chen, founder of Manifund and co-founder of prediction market platform Manifold Markets, publicly revealed the hire in a Substack post on Friday, framing it explicitly as a redemption opportunity.

The arrangement had been running in secret for weeks. Ellison attended Manifest 2026, a festival organized by the nonprofit, in June. She then began a work trial on July 13 and converted to full-time employment on August 10 — all while publishing work under the pseudonym 'Carol.' Chen acknowledged the deception, calling it a compromise on transparency he doesn't take lightly, while defending the practice as relatively common when working with high-profile individuals.

Ellison, 31, pleaded guilty in December 2022 to seven counts of fraud and conspiracy for her role in misusing FTX customer funds to cover Alameda's trading losses and debts. She cooperated with prosecutors, testified against FTX founder Sam Bankman-Fried, and was sentenced to two years in prison before being released in January 2025. At Manifund, her role involves platform development and researching how to effectively allocate philanthropic capital.

The disclosure landed with predictable controversy. Supporters praised the move as normalizing forgiveness; critics within the EA community warned it would inflict reputational damage on EA-affiliated organizations broadly. At least one person who claimed to have lost money in the FTX collapse expressed outrage, arguing Ellison's future earnings should be garnished for victims. Chen, for his part, acknowledged he may not be vindicated quickly, writing that whether the decision proves right 'may take a while to shake out.' The situation is further complicated by Manifold Markets' own past ties to FTX's philanthropic arm, the FTX Future Fund, which Chen disclosed in the post.