• Caroline Ellison, former CEO of the fallen crypto trading desk Alameda Research, felt overwhelmed and unsuited to the role.
• Leaked excerpts from her personal diary revealed a troubled relationship with Sam Bankman-Fried (SBF) and a desire to regain power.
• This sheds light on the events preceding FTX’s demise and how it was affected by the couple’s relationship.
Caroline Ellison Felt Unsuited To Run Alameda
Caroline Ellison – former CEO of the fallen crypto trading desk Alameda Research – felt “unhappy and overwhelmed” with her job, and strongly doubted that she was well suited to the role, according to newly leaked excerpts from her online diary. The 27-year-old crypto executive told SBF in an April 2022 writing that her previous breakup with SBF had “significantly decreased my excitement about Alameda” due to its association with Sam Bankman-Fried who founded it in 2017.
Troubled Relationship With SBF
The excerpts shed light on many of her inner thoughts heading preceding FTX’s demise, including her troubled relationship with Sam Bankman-Fried. When he was around, she wrote in February 2022 that she had “an instinct to shrink and become smaller and quieter and defer to others” due to his influence over Alamedas operations even though he did not control them formally. After one of their many breakups Ellison deliberately ghosted him as a way for her to regain power since not giving him what he wanted felt like she could take back some control.
Ellison also admitted in a separate entry from April 2022 that she suffered from imposter syndrome which made it difficult for her to be comfortable in such an important position despite being promoted alongside Sam Trabucco by SBF himself in 2021. She said this feeling was further exasperated by their ongoing tumultuous relationship which continued despite attempts at reconciliation up until its eventual downfall when FTX closed down earlier this year.
The Media Leak
Someone leaked Caroline Ellison’s personal diary to the media which led The New York Times reporting on Thursday about these entries which provided insight into what went wrong before FTX shut down for good earlier this year. This leak caused much speculation about who might be behind it with US government believing it may have been done by SBF himself as revenge or a way for him get attention away from his involvement in this corporate collapse.
This article explored how Caroline Ellison felt ill-suited running Alameda Research prior to its closure due primarily due feelings of inadequacy coupled with an unhealthy dynamic between herself and SBF as revealed through recently leaked diary entries written by herself during this time period providing new insight into what went wrong leading up to FTX closing down earlier this year raising questions about possible motives behind the media leak believed by US government sources as possibly done by SBF himself.