Caroline Ellison Faces Two Years Behind Bars!

Her sentence was lenient due to of her cooperation with prosecutors in the case against SBF.

Author

Danielle du Toit
September 25, 2024

Here's what we've got for you today:

  • Caroline Ellison Sentenced to 2 Years in Prison for Her Role in FTX

  • Stand With Crypto Drops ’Supports Crypto’ Tag from Harris After Backlash

  • Charles Hoskinson Claims Ethereum is a ‘Dictatorship’ Compared to Cardano

  • US Spot Bitcoin ETFs Mark Fourth Straight Day of Net Inflows, Reaching $136 Million

Ellison faced 10+ years in prison, but her sentence was reduced because of her cooperation with prosecutors and her vulnerable position under the influence of SBF.

  • Caroline Ellison is also required to forfeit about $11 billion earned from FTX. Her prison surrender date is set for after Nov. 7, 2024.

  • Her cooperation with prosecutors, particularly in the case against Sam Bankman-Fried, led to a recommendation for leniency, but Judge Kaplan denied her legal team's request for her prison time to be limited to time served.

  • Ellison's sentencing could give some insight into the potential outcomes for her co-defendants, Gary Wang and Nishad Singh, who have both pleaded guilty and are still awaiting sentencing.

Stand With Crypto no longer labels Kamala Harris as “supports crypto” on its website and says it has changed how it scores politicians.

  • Stand With Crypto initially gave Harris a “B” grade on Sept. 23, which indicates that she “supports crypto” based on a somewhat supportive statement.

  • The lobby group later backtracked on the score, and updated her profile to show there is “not enough information” regarding her stance on crypto.

  • Stand With Crypto executive director Logan Dobson clarified that when politicians make crypto-related statements that are not sufficient for a score, they will mark it as not having enough information.

The Cardano founder has some very strong opinions about Ethereum’s governance model, and believes it is overly reliant on Vitalik Buterin.

  • Charles Hoskinson criticized Ethereum's reliance on Vitalik Buterin, and argued that it undermines decentralization and risks creating a single point of failure, moving the platform closer to a "dictatorship."

  • Overall, Hoskinson believes Ethereum's centralization undermines its goal of decentralized governance.

  • He also criticized Bitcoin's governance structure, and compared it to "anarchy" by stating that its "forever simple" protocol makes it resistant to innovation.

US spot bitcoin ETFs recorded net inflows of $136 million on Tuesday.

  • BlackRock's IBIT led Tuesday’s inflows with $98.89 million, followed by Bitwise's BITB with $17.41 million, and Fidelity’s FBTC with $16.80 million.

  • Grayscale’s Bitcoin Mini Trust saw $2.85 million in net inflows, while eight funds, including Grayscale's GBTC, recorded zero flows.

  • There were no net outflows reported across all of the funds on Tuesday.

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