Former Alameda CEO Caroline Ellison Lands New Job at Nonprofit Manifund
Former Alameda Research CEO Caroline Ellison has secured a role at Manifund, a grantmaking platform tied to the effective altruism movement, where she will research how to direct philanthropic dollars. According to Austin Chen, founder of Manifund and cofounder of Manifold Markets, Ellison began working under the pseudonym “Carol” during a July work trial before transitioning to a full-time position in August 2026.
Ellison previously pleaded guilty in December 2022 to seven counts of fraud and conspiracy, admitting to misusing customer funds to cover trading losses at Alameda Research. Following her cooperation with prosecutors and testimony against FTX founder Sam Bankman-Fried, Ellison served a federal prison sentence before her release from custody in January 2026.
Inside the Grantmaking Platform and the Effective Altruism Connection
Manifund operates as a grantmaker focusing on projects related to artificial intelligence safety and effective altruism. Chen noted in a Substack post that Manifold Markets, his prediction market company, was previously backed by the FTX Future Fund, a philanthropic initiative. In his public announcement, Chen defended the decision to hire Ellison, pointing to her admission of guilt, cooperation, and completion of her prison sentence.
“I believe in redemption,” Chen wrote in his Substack post, adding that Ellison had worked to make creditors whole. “Caroline has admitted her faults, worked to make creditors whole, and served her time in prison. I’d like to give her the opportunity to contribute back to the world; I hope that the world will concur.”
According to Chen, Ellison participated in a work trial beginning July 13 before converting to full-time status on August 10. During the initial two months, she published her research under the name “Carol.” Chen acknowledged the transparency compromise, writing, “I apologize for our minor deception, in using a pseudonym over the last couple months. I still endorse having done this — I think it’s relatively common to work with people pseudonymously, when their real identity is famous.”
Public Reception and Creditor Concerns
The revelation drew varied responses across the platform and industry observers. While some commentators expressed support for institutional forgiveness and professional rehabilitation, others criticized the move. One commenter argued that employing Ellison demonstrates poor judgment and risks damaging the reputation of other organizations within the effective altruism sphere.
Individuals impacted by the FTX collapse voiced sharp opposition to the employment arrangement. One critic who stated they lost funds in the platform’s failure argued that future earnings should be directed toward affected creditors. In a message included within the Substack post, Ellison addressed the controversy directly.
“I’m deeply sorry for what I did, and I completely understand why people may not want to work with me,” Ellison said in the statement. “But I’m very grateful to Austin for giving me a second chance, and judging me on my current work performance rather than my past. 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.”