Caroline Ellison, the former Alameda Research CEO who cooperated with prosecutors following FTX's collapse, has joined Manifund, a nonprofit grant platform, in a full-time operational role. Manifund cofounder Austin Chen announced the appointment, stating that Ellison will help improve the platform's technical infrastructure and support its mission of directing philanthropic funding more effectively.
Ellison began a work trial on July 13, transitioned to a full-time position on August 10, and initially worked under the pseudonym "Carol" for her first two months. Her responsibilities focus on technical infrastructure, logistics, and customer support rather than investment or trading activities. Among her early assignments was developing a reconciliation tool that identified misreported transactions in Manifund's database totaling 5-6 figures.
Regulatory Constraints Shape Role
Ellison's position exists within specific regulatory boundaries. In December 2025, the SEC filed proposed final consent judgments restricting her from serving as an officer or director for 10 years and imposing a conduct-based injunction for 5 years. The CFTC also imposed a 5-year trading ban and a 10-year registration bar. Her role in technical operations at a private nonprofit sits outside these restrictions.
Ellison pleaded guilty in December 2022 to fraud and conspiracy charges related to FTX. She cooperated with prosecutors and provided testimony against FTX co-founder Sam Bankman-Fried. After beginning a two-year prison sentence in November 2024, she was released in January 2026.
Transparency Questions and Community Response
Manifund operates a platform connecting charitable donors and fundraisers through three financing methods: publicly disclosed proposals, regrantors who distribute budgets according to donor directives, and markets for impact certificates. The organization has financed 486 projects, raised $17.2 million, and transferred $5.46 million through regrantors.
Ellison's hire has drawn mixed reactions within the crypto community. Chen acknowledged that allowing her to work under a pseudonym for several months meant the organization "compromised on transparency," a value it promotes. Chen stated his belief in redemption, noting that Ellison admitted wrongdoing, worked toward making creditors whole, and served her prison sentence.
Not all observers agreed with the decision. Cate Hall, former CEO of the Astera Institute, described the hiring as "truly terrible judgment." The appointment tests broader questions about reputational rehabilitation in crypto following the FTX collapse and whether donors will trust Manifund's transparency and controls given the hire's significance.
