Traders at Polymarket are betting that former Alameda Research CEO Caroline Ellison will not serve any jail time.
Hours before a judge decided Ellison’s fate, users of the decentralized prediction platform Polymarket bet more than $153,670 on a market titled “No Prison Time” in the category “Caroline Ellison prison time.” More than 45% of users wait Ellison will avoid prison time following his plea deal with US authorities in FTX’s lawsuit against convicted crypto figure Sam Bankman-Fried.
The second largest group of punters, 24 percent, expect the judge to sentence Ellison to prison for up to two years. Meanwhile, 39 percent predicted an 11-month sentence for Bankman-Fried’s ex-girlfriend and former Alameda director.
Lawyers for the former FTX executive have asked The judge approved supervised release and imposed no prison sentence. Earlier this month, his lawyers argued that Ellison’s cooperation with federal prosecutors played a key role in securing SBF’s conviction.
This sentiment was disputed by another former FTX top executive, Ryan Salame, albeit outside of court. Salame’s social media posts accused Ellison and other former employees of downplaying their role in the company’s eventual implosion.
Ellison is scheduled to be sentenced on September 24, marking the first ruling by an FTX executive other than Bankman-Fried. Other former members of SBF’s inner circle, including Gary Wang and Nishad Singh, are also awaiting sentencing.
Meanwhile, Bankman-Fried’s lawyers reclaimed Judge Lewis Kaplan has filed court papers requesting a new trial, saying he never intended to harm anyone.
Judge Kaplan found SBF guilty of defrauding FTX users and investors of over $8 billion, in what is considered one of the largest fraud cases in US history. According to SBF’s new lawyer, the trial was unfair and his client was deemed guilty from the start.
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