According to a Substack post written by Manifund co-founder and CEO Austin Chen, former Alameda Research CEO Caroline Ellison has been hired by the 501(c)(3) charity. Chen explained that Ellison spent two months quietly working under the name “Carol” when she started.
Caroline Ellison's New Charity Job Comes With an Awkward FTX Link
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Key Takeaways
- According to the charity’s co-founder, Manifund hired Caroline Ellison on Aug. 10 after she spent weeks working publicly as “Carol.”
- Ellison served 14 months in confinement before landing her first public post-FTX job.
- Manifund’s Sept. 11 reveal has reopened the FTX-era debate over redemption and second chances.
Caroline Ellison Became ‘Carol’
The girl who had a relationship with Sam Bankman-Fried and testified against the former FTX boss is now working for a charity dedicated to effective-altruism. The news was first brought to light by Manifund co-founder and CEO Austin Chen, who hired Ellison and emphasized that he believes in second chances and “redemption.”
Chen further explained that, due to the fact that Manifund (formally Manifold for Charity Inc.) was committed to transparency, he felt that people should know she had already been working under the pseudonym “Carol.”
“In fact, she started a work trial on July 13, which converted to a fulltime role on Aug 10. Over the past two months, she’s been publishing her work and supporting Manifund users under the pseudonym ‘Carol,’” the Manifund co-founder wrote. He said he was inspired by some of her writings and also noted that it was FTX’s “money and spirit” that helped bolster the Future Fund.
Ellison pleaded guilty on Dec. 18, 2022, to conspiracy charges, wire fraud, securities fraud, and money laundering. She also worked as a government witness against Bankman-Fried and testified against him during his 2023 trial.
Ellison was later sentenced to two years in prison and spent her time in a Connecticut prison before relocating to a community confinement home in 2025. By Jan. 22, 2026, Ellison was finally released and spent a total of 14 months incarcerated.
Not Everyone Is Buying the Redemption Pitch
Many members of the FTX senior team, including Bankman-Fried and Ellison, were big believers in effective altruism (EA). The belief basically is a philosophical and social movement that aims to leverage logic in order to figure out how to benefit others as much as possible.
Critics, however, are not buying it. Because the social movement has a lot of funding from elite tech institutions, Silicon Valley, and absurd overconfidence, critics argue it suffers from a technocratic worldview. At the same time, some observers complained about Manifund’s new hire in the Substack comment section.
Cate Hall, the former CEO of the Astera Institute, responded to the Substack announcement. “With all due respect: You gotta be f***ing kidding me,” Hall wrote. “This shows truly terrible judgment and is likely to harm the reputation not only of Manifund but of all sorts of EA orgs that will take collateral damage.” Another commenter remarked that the reasons Chen wrote “are business reasons to hire a person.”
Ellison also appeared in the post with Chen and said she was “deeply sorry” for what she did in regard to what happened to FTX. “I completely understand why people may not want to work with me,” Ellison explained.
As far as EA, it seems Ellison is still very much a believer in this philosophy. “I feel very lucky not only to have a job, but to be working somewhere that I think is doing great work and has a mission I believe in,” Ellison said.
