Caroline Ellison, the former Alameda Research CEO who pleaded guilty in the FTX fraud case, has taken a full-time role at Manifund, a 501(c)(3) nonprofit grant platform. Manifund announced on September 11 that Ellison began a work trial on July 13 and accepted a full-time position on August 10, initially working under the pseudonym “Carol.”
Ellison's role focuses on platform development, operations, customer support and research into philanthropic funding. Manifund co-founder Austin Chen said she will not be involved in selecting funded projects. The organization said she built a reconciliation tool that identified misreported transactions in the five- to six-figure range.
Manifund is not a crypto exchange or trading firm. Its public figures list 486 funded projects, $17.2 million directed to projects and $5.46 million distributed through regrantors. Chen acknowledged that the FTX Future Fund provided seed funding to Manifold and influenced the philanthropic model behind Manifund, making the hiring decision sensitive for donors and grant recipients.
Ellison remains subject to regulatory restrictions. In December 2025, the SEC filed proposed final consent judgments that would bar her from serving as an officer or director for 10 years and impose a conduct-based injunction for five years. The CFTC has separately described a five-year trading ban and a 10-year registration bar. Manifund argues her technical and operational role at a private charity falls outside those limits.
Ellison pleaded guilty in December 2022 to fraud and conspiracy charges, cooperated with prosecutors, began a two-year sentence in November 2024 and was released in January 2026. Chen defended the hire, saying “I believe in redemption,” while Ellison said she was grateful to be judged on her current work. Critics, including former Astera Institute CEO Cate Hall, called the decision “truly terrible judgment.”
The announcement has raised questions about Manifund’s operational controls, payment authority and review processes. The organization promotes transparency, but Chen acknowledged that allowing Ellison to work under a pseudonym was a compromise on that principle.
