Caroline Ellison Surfaces With New 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 landed a new job at Manifund, an effective altruism-linked nonprofit grantmaker. The hiring was kept secret for nearly two months — Ellison worked under the pseudonym 'Carol' starting July 13 before converting to a full-time role on August 10.

Austin Chen, the founder of Manifund and co-founder of prediction market platform Manifold Markets, publicly disclosed the arrangement in a Substack post. He framed it as a redemption story, arguing Ellison had admitted her wrongdoing, cooperated with prosecutors, and served her sentence. In her new role, she is helping develop Manifund's platform and researching how to allocate philanthropic dollars more effectively. Manifold Markets, notably, was previously backed by FTX's own philanthropic arm, the FTX Future Fund — a connection Chen acknowledged directly.

Ellison pleaded guilty in December 2022 to seven counts of fraud and conspiracy for her role in using FTX customer funds to cover Alameda Research's debts and trading losses. She was a key government witness against FTX founder Sam Bankman-Fried and was released from federal custody in January 2025, after which she kept an extremely low profile. Chen said he invited her to Manifest 2026, a festival Manifund hosted in June, before offering her the trial position.

The announcement drew an immediate and polarized response. Supporters praised the move as a meaningful step toward normalizing rehabilitation. Critics warned that associating with Ellison would damage not just Manifund's reputation but the broader effective altruism ecosystem, which is already under scrutiny following its entanglement with the FTX collapse. At least one commenter who claimed to have lost money in the FTX debacle demanded that Ellison's future earnings be garnished and redirected to victims. Chen acknowledged the controversy head-on, conceding the outcome of his decision 'may take a while to shake out.'