I noticed an interesting turn in the FTX story — Caroline Ellison has just been released from prison earlier than scheduled. The former CEO of Alameda Research was serving a two-year sentence starting from November 2024, but was released already in October 2025, having served about 60% of her sentence. She is currently in a specialized reentry center in New York City, where help is provided to former inmates to adapt to life and find employment.

Caroline Ellison's early release was due to her cooperation with authorities and good behavior. But here’s the interesting part — the SEC banned her from holding executive positions in public companies for ten years. According to the regulator, Ellison made significant contributions to misinformation among investors, which helped FTX raise over $1.8 billion by positioning itself as a safe platform.

Reactions within the crypto community are mixed. Many believe the sentence was too lenient given the scale of the damage. For comparison — Sam Bankman-Fried, the founder of the exchange, is still in custody serving a 25-year sentence. Both were key figures in the collapse, but Bankman-Fried did not admit guilt, went to trial by jury, and was found guilty on multiple counts of fraud. Caroline Ellison, on the other hand, admitted her guilt, cooperated with investigators — and this is the result.

In her testimony, Ellison explained how Alameda Research and FTX mixed client assets, concealed losses, and used an unlimited credit line that gave Alameda direct access to customer deposits. Essentially, her release marks the end of the legal saga for the top executives of FTX and Alameda, whose actions largely contributed to the crypto winter of 2022.

As for Bankman-Fried, the chances of early release are considered extremely low. Trump recently stated that he does not plan to pardon him. Even attempts to appeal the sentence seem hopeless. It appears that the FTX story is not entirely over yet, but the main legal saga is probably coming to an end.