Former Alameda CEO Caroline Ellison Gets New Job at Manifund
Caroline Ellison joined Manifund weeks ago. The September 11 announcement disclosed that she had been working under a pseudonym since July.
The Hire Predated the Public Announcement
Manifund announced that Ellison began a work trial on July 13 and accepted a full-time role on August 10. During that period, she published work and supported users under the name “Carol.”
Her stated responsibilities include developing the funding platform, operations, customer support and research into how philanthropic funding should be directed. The September 11 post was therefore an identity disclosure rather than a same-day hiring decision.
Manifund Is Not a Crypto Return
Ellison has not returned to a cryptocurrency exchange, trading firm or custody business. Manifund is a 501(c)(3) charity that hosts public grant proposals, fundraising and regranting programmes. Its website lists 486 funded projects, $17.2 million directed to projects and $5.46 million distributed through regrantors.
The connection is not entirely separate from FTX. Manifund co-founder Austin Chen wrote that the FTX Future Fund had provided seed funding to Manifold and influenced the philanthropic model Manifund later adopted. That background helps explain why an FTX-related hire is material to Manifund’s donors and grant recipients, even though the organisation is not a crypto platform.
The Reconciliation Tool Found Errors, But It Does Not Explain Access
Manifund says Ellison built a reconciliation tool that found several incorrectly registered transactions in the five- to six-figure range. If the errors were identified and corrected as Manifund describes, the tool could improve the accuracy of its records.
Finding an incorrect record is different from preventing an unauthorised payment before it happens. The announcement does not describe the platform’s approval structure or Ellison’s access to payment systems, so the public record does not allow readers to assess those controls.
| What Manifund disclosed | What the announcement does not address |
|---|---|
| Ellison works on platform development, operations and research. | Whether her role includes authority to initiate or approve grant payments. |
| Her tool identified incorrectly registered transactions. | How the work is reviewed independently after an error is identified. |
| Manifund says its proposals, evaluations, finances and code are public. | How financial-record access is separated from payment authority. |
Transparency and Controls Are Different Things
Manifund describes itself as unusually transparent, saying that its grant proposals, evaluations, finances, source code and meeting notes are public. The company acknowledged that using a pseudonym for Ellison was a compromise on that principle, although Chen said he still supported the decision.
Public proposals and source code make parts of Manifund easier to inspect. They do not, on their own, show how the charity separates payment authority, record-keeping and independent review.
A small team makes those role boundaries especially relevant because fewer people may be involved in approving, recording and reviewing the same transaction. A September 3 Manifund hiring post described the team as “2ish FTE” and listed grant payouts, incoming donations, bookkeeping and work with auditors among its operations and finance tasks.
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The FTX Record Makes the Role Material
Ellison pleaded guilty in 2022 to fraud, conspiracy and money-laundering-related charges tied to FTX and Alameda Research. The U.S. Department of Justice said she admitted her role in schemes that defrauded FTX customers and investors before cooperating with prosecutors.
Ellison’s guilty plea and cooperation explain why her identity is material to donors and grant recipients. The announcement acknowledges that concern, but does not specify how Manifund has divided operational and financial responsibilities since hiring her.
Coindoo’s earlier overview of the FTX case explains the different outcomes for the executives involved. That legal history provides the context for scrutiny; it does not establish how Manifund operates today.
The Next Disclosure Should Be Operational
Manifund has identified Ellison and explained why it initially used a pseudonym. It could reduce the remaining uncertainty by explaining whether significant payouts require more than one approval, who can modify financial records, and how reconciliation work is independently reviewed.
That would give donors and grant recipients a clearer basis to judge the platform’s safeguards than a general promise of transparency.
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 5,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
