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Caroline Ellison, former CEO of Alameda Research, has reported to prison to begin a two-year sentence following her involvement in the FTX scandal.

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Ripple’s native token XRP posted double-digit gains on Tuesday, positioning itself among the top 10 gainers as rumors spread about the CEO Brad Garlinghouse's meeting with Trump.

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World Liberty Financial, a decentralized finance platform backed by President-elect Donald Trump, has partnered with Chainlink to integrate real-time data feeds.

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Gary Wang, co-founder of FTX, and Caroline Ellison, former CEO of Alameda Research, are each facing prison sentences as the legal fallout from the FTX scandal continues. While Ellison recently began serving a two-year sentence for her role in the alleged misuse of FTX customer funds, Wang has requested leniency, citing his cooperation in the case against Sam Bankman-Fried. Wang, who is awaiting his Nov. 20 sentencing, was a key witness in Bankman-Fried’s trial and argued that his relatively limited involvement, alongside his collaboration with authorities, should exempt him from additional jail time. 

Former Alameda Research CEO Caroline Ellison Set to Report to Prison Following Role in FTX Scandal

Caroline Ellison, the former CEO of Alameda Research, is scheduled to begin her two-year prison sentence, a significant development in the long-running saga of the FTX scandal. This marks the latest turn in a complex and high-profile case that has rocked the cryptocurrency industry and led to a series of investigations, trials, and guilty pleas among FTX executives.

According to the Federal Bureau of Prisons (BOP), 

 was not in custody as of the latest updates, though her inmate number and details about her sentence have already been released publicly. Judge Lewis Kaplan, of the United States District Court for the Southern District of New York, issued the two-year prison sentence in September, ordering Ellison to surrender to authorities by Nov. 7 at 2:00 pm ET. Reports indicate she is expected to be held at a minimum-security facility near Boston, likely the Federal Correctional Institution in Danbury, Connecticut, a prison that houses both male and female inmates and is known for handling white-collar crime sentences.

Ellison’s sentencing follows the criminal conviction of former FTX CEO Sam Bankman-Fried and the guilty plea of Ryan Salame, FTX Digital Markets’ former co-CEO. The indictment of these high-profile executives has led to intense media scrutiny and a growing push for accountability within the cryptocurrency industry. Nishad Singh, the former engineering director at FTX, was also sentenced in October but was given time served.

Ellison’s fate was largely sealed following FTX’s rapid collapse in November 2022, a period marked by liquidity crises and the unraveling of the exchange’s internal financial dealings. Prosecutors charged Ellison with a range of serious crimes, including wire fraud, commodities fraud, securities fraud, and money laundering. She entered a guilty plea in 2022 and went on to testify in the 2023 criminal trial of her former colleague and ex-boyfriend, Bankman-Fried. Her testimony was crucial in establishing the criminal intent and operational details that underpinned FTX’s alleged misappropriation of user funds, which ultimately led to the guilty verdict against Bankman-Fried.

As one of the most public figures associated with the FTX scandal, Ellison became the subject of relentless scrutiny. From court appearances to social media, she faced a deluge of criticism, harassment, and even ridicule, as noted in a September sentencing memo from the US government. The memo highlighted the unique level of harassment Ellison endured, both online and in person. She was frequently photographed and questioned outside courtrooms, leading to an atmosphere that necessitated personal escorts for her safety.

In social media circles, Ellison’s image became a focal point for memes and online discussions. Public commentary extended beyond her alleged crimes, with much of the online discourse centered on her personal appearance, relationships, and role in FTX’s collapse. This intense level of scrutiny, exacerbated by her role as a cooperating witness against Bankman-Fried, only heightened her prominence as one of the most infamous figures in the 

FTX’s downfall began in late 2022 when a liquidity crisis, combined with the exposure of risky financial practices, forced the exchange into bankruptcy. Amid the company’s financial disarray, it became clear that billions in user funds had been allegedly mismanaged. Alameda Research, the crypto trading firm led by Ellison, was accused of receiving these funds, which were then channeled into risky investments and loans.

Ellison’s position at Alameda and her close association with Bankman-Fried placed her in the crosshairs of prosecutors early on. The case quickly snowballed as regulators and law enforcement agencies began investigating the interwoven financial practices between FTX and Alameda, leading to a series of arrests and indictments of former executives.

Her cooperation with the US Department of Justice, which included providing critical testimony against Bankman-Fried, likely played a role in her relatively lenient two-year sentence, though it also intensified her status as a public figure associated with one of the largest financial scandals in cryptocurrency history.

The Human Cost of High-Profile White-Collar Crime

While the legal ramifications of the FTX collapse are monumental, the human cost is equally palpable. For Ellison, the consequences of her involvement in FTX’s financial mismanagement extend beyond prison time; she has become an enduring symbol of the cryptocurrency sector’s vulnerabilities and the potential pitfalls of high-risk, high-reward finance.

As she enters prison, Ellison joins the ranks of several high-profile figures whose actions during the boom-and-bust cycles of financial innovation have led to criminal charges. Her story is a sobering reminder of the personal and professional risks associated with the fast-paced world of cryptocurrency, where fortunes and reputations can be made and lost in an instant.

Gary Wang Seeks No Jail Time for Role in FTX Case, Citing Key Testimony Against Sam Bankman-Fried

Meanwhile, Gary Wang, co-founder and former technology chief of cryptocurrency exchange FTX, has petitioned a federal judge for leniency, requesting time served for his involvement in the FTX scandal. In a sentencing memo 

 in Manhattan, Wang emphasized his cooperation as a key government witness in the trial against fellow co-founder Bankman-Fried.

Wang’s testimony was a “cornerstone” of the prosecution’s case against Bankman-Fried, he argued, detailing his unique insights into FTX’s internal workings and code alterations that allowed Alameda Research, FTX’s affiliated hedge fund, to siphon billions of dollars in customer funds. These illicit activities led to a collapse in 2022, revealing what prosecutors estimated as a $10 billion fraud that shook the cryptocurrency industry.

Wang’s cooperation has been central to the government’s successful conviction of Bankman-Fried. Following a plea deal, he provided crucial evidence to prosecutors, the FTX bankruptcy estate, and class-action groups. His role included sharing technical information and knowledge of internal systems that implicated Bankman-Fried and other FTX executives, illuminating the means through which Alameda manipulated customer funds for trading.

At the trial, Wang testified that Bankman-Fried had personally instructed him to alter FTX’s code, enabling Alameda to access and trade customer funds without their consent or knowledge. Wang’s statement during the trial painted a picture of a clandestine operation directed by 

, whose influence over FTX’s code allowed these practices to continue for years, undetected by users or regulators. Wang also claimed he had limited visibility into the depth of these actions, asserting that he only discovered the full extent of the crimes after they were underway, as Bankman-Fried had allegedly deceived him and other key players.

In his Nov. 6 memo, Wang requested that Judge Lewis Kaplan impose a sentence of time served rather than jail time, noting his relatively minimal role compared to other executives. He argued that his involvement was less substantial than that of Ellison and Nishad Singh. Both Ellison and Singh accepted plea deals and testified against Bankman-Fried, with Ellison sentenced to the two years and Singh receiving time served. Wang maintained that sentencing him to jail would create an “unwarranted sentencing disparity” compared to Singh, given their comparable levels of cooperation and culpability.

Wang’s lawyers pointed to his proactive engagement with prosecutors and early agreement to a plea deal as further evidence of his commitment to justice. He was one of the first within Bankman-Fried’s inner circle to step forward, meeting with prosecutors and openly sharing information critical to FTX’s unraveling. According to his defense, this willingness to cooperate early on was instrumental in building the case against Bankman-Fried and distinguishing his conduct from that of other defendants.

A Balancing Act: Personal and Professional Impact

The sentencing memo also focused on the personal repercussions of a potential prison sentence for Wang, who is currently employed as a software engineer. Wang, who recently married and is expecting his first child later this month, argued that a jail sentence would severely impact his ability to support his family financially. He emphasized his desire to be a devoted husband and father, adding that incarceration would not only affect his family but also hinder his ongoing collaboration with government authorities on anti-fraud initiatives.

Wang’s defense team highlighted his recent work with the government, where he has contributed to developing tools to detect financial fraud, both in traditional markets and the cryptocurrency space. This includes a tool specifically designed to identify illicit activities on crypto exchanges, a project he undertook at the request of prosecutors. By allowing him to continue this work, Wang’s lawyers argue, he can play a valuable role in preventing future frauds and aiding FTX victims in their recovery.

As Wang’s sentencing approaches, Judge Kaplan will weigh his request for leniency in the context of a highly publicized scandal that has led to significant legal consequences for several FTX executives. Wang’s arguments have raised questions about accountability within complex financial crimes, particularly concerning the differing levels of responsibility among those involved.

Some legal experts have suggested that Wang’s request for time served, if granted, may signal a shift in judicial approaches to white-collar crime, particularly in cases where the defendant has provided substantial cooperation and demonstrated a lesser role in the primary offenses. 

As Wang’s sentencing nears, Bankman-Fried has appealed his own conviction and 25-year sentence, maintaining his innocence and claiming that FTX always had enough funds to cover customer obligations. He argued that these facts were not adequately presented to the jury, leaving them unaware of the company’s ability to resolve its liquidity issues. Bankman-Fried’s appeal contends that the court’s handling of the trial and the media coverage surrounding it have unfairly influenced his conviction.

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Despite trailing behind major altcoins during the post-election bull run, XRP price is finally gaining momentum, crossing the $0.72 mark, a level unseen since July 2023. In the last 24 hours, Ripple’s token added 18%, joining the likes of BONK, XLM, DOGE, AKT, NEIRO, and FLOKI, today’s top gainers. 

At the time of writing, XRP's market cap stands at nearly $41 billion, narrowly leading USDC’s $36.5 billion. According to CoinMarketCap, this makes the altcoin the seventh-largest cryptocurrency. 

 posted about the strong rally incoming for XRP, targeting the $2 mark by the end of 2024. The analyst expressed confidence in XRP following the DOGE trajectory, leading to a “massive surge.”

, who believes that XRP can post similar gains to DOGE and ADA, suggesting that a break through the $0.66 resistance could send the price to $1, potentially hitting the next resistance at $1.28  

Another well-known XRP bull @DefendDark made an even bolder forecast, calling for the XRP price to reach $5.85 after targeting $1.03 and $1.88 levels. According to the analyst, the destruction of multi-year resistance bodes exceptionally well for the altcoin. 

Such strong bullish momentum for XRP could have been boosted by persistent rumors that Ripple’s CEO Brad Garlinghouse had met with President-elect Donald Trump, presumably to discuss crypto regulation. 

It’s worth noting that the speculation is not without any substance. Crypto YouTuber Zach Rector was the first to hint at Garlinghouse’s meeting with Trump, poking a subtle jab at Cardano’s Charles Hoskinson. 

“Ripple actually met with Trump. Charles is talking about it. Big difference…” he tweeted, alluding to the Cardano founder’s recent 

 to work with Trump’s administration on shaping future crypto policy. During the live stream, Hoskinson shared with the Cardano community that “it’s very clear that I’m going to be involved in some capacity influencing policy in the United States.”

For now, there has been no official confirmation from Trump’s team about Hoskinson’s involvement. From what is known, it’s just Cardano opening a DC office to lobby for crypto. However, Trump promised that he would listen to the representatives of the industry to shape the future legislative framework affecting it. 

The post from Zach Rector about Ripple’s meeting with Trump did not go unnoticed by Brad Garlinghouse himself. Ripple CEO apparently liked the tweet, as seen on the screenshot shared by Rector. The XRP community interpreted the like as a confirmation that the meeting indeed took place.

Gary Gensler’s shadow still has Ripple in a chokehold

One of the reasons behind XRP’s relatively modest weekly gains as compared to other altcoins is the still-looming threat of another unfortunate turn for Ripple in its neverending legal tussle with the SEC. The case dates back to 2020, with the most recent development being the regulator 

 Judge Torres’ 2023 verdict in favor of Ripple.  

Donald Trump, who will officially return to the White House on January 20 on Inauguration Day, made plenty of bold promises to the crypto community during his election campaign, one of them being his promise to 

, the current SEC Chair. The official has long been crypto’s enemy number one, as his tenure was marked by countless lawsuits against crypto businesses in the absence of a clear regulatory framework for digital assets. Many hope that this is about to change soon under Trump, who will hopefully appoint a more crypto-friendly SEC chief. 

Earlier this month, a Fox Business reporter Eleanor Terrett 

 on Twitter/X that her unnamed source close to Trump’s inner circle promised that the new SEC Chair will be someone pro-crypto, igniting the hopes of XRP bulls and the broader crypto community. 

 believes that the new SEC leader appointed by Trump will likely dismiss all non-fraud crypto lawsuits against Coinbase and other US crypto companies. The recommendations to drop cases brought by the litigation team are expected to be promptly approved by the SEC Commissioners, 3 of whom will be Republicans. 

At the same time, Hogan predicts that Ripple’s case will be settled for $125 million, the amount ruled by Judge Torres in August 2023, since it would be “awkward” to settle for less than was already ordered by the court. The attorney warned that it would take some time to set the whole system in motion, so any significant legal developments are to be expected before summer and not in January.

Whatever the outcome may be for Ripple, the resolution of its legal dispute with the SEC will undoubtedly open new horizons for the company’s growth. It will likely also clear the path towards XRP ETF and may prompt Ripple to revisit the IPO option. 

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President-elect Donald Trump has announced two significant decisions this week that may shape the future of both US legal policies and the burgeoning cryptocurrency sector. In a high-profile move, Trump nominated Representative Matt Gaetz for Attorney General, leading to Gaetz's immediate resignation from Congress and halting an ongoing ethics investigation. Meanwhile, Trump’s DeFi initiative, World Liberty Financial, secured a partnership with Chainlink, leveraging its real-time data feeds to enhance transparency on the platform. 

World Liberty Financial Partners with Chainlink to Power DeFi with Real-Time Data

World Liberty Financial, the DeFi platform launched by President-elect Donald Trump, has announced an integration with Chainlink's price feeds. This partnership is set to bring real-time, tamper-proof data to the DeFi project as it gears up for launch on 

According to the official announcement on Nov. 14, World Liberty Financial will rely on Chainlink's oracle technology to support its platform, which will be built on an Aave v3 instance. By leveraging Chainlink’s trusted data feeds, World Liberty Financial aims to provide users with reliable, real-time market data, addressing a critical need in the world of decentralized finance for transparent and secure price information.

In a statement about the integration, Eric Trump, the Web3 ambassador at World Liberty Financial and son of the president-elect, expressed his enthusiasm for the project’s future. 

“World Liberty Financial’s partnership with Chainlink marks a huge step forward. Never before have we been more bullish on crypto or the overall future of DeFi technology,” he stated.

World Liberty Financial’s move to integrate Chainlink’s oracles follows a series of successful trials with established financial entities. The integration is expected to improve the accuracy and transparency of price data for the DeFi platform’s users and potentially attract both retail and institutional participants looking for more reliable data on decentralized platforms.

The integration with World Liberty Financial marks yet another major milestone for Chainlink, which has continued to expand its role as a leading oracle provider in the DeFi sector. Chainlink’s price feeds, secured through decentralized networks of node operators, offer data that is resistant to tampering, making it a preferred choice for blockchain projects needing real-time, trustworthy information.

In November 2024, Chainlink completed a major tokenization pilot program with Swiss banking giant UBS, the Monetary Authority of Singapore (MAS), and SWIFT, the interbank messaging network. The pilot tested tokenized fund settlements and included options for settling in fiat currencies rather than exclusively on-chain, signaling a significant advance in bridging traditional and digital finance. The success of this initiative demonstrated Chainlink’s potential to bring tokenized assets and real-world financial institutions onto blockchain networks — a step that could accelerate blockchain adoption globally.

Chainlink’s influence extended even further in late October, when TronDAO, the organization managing the Tron blockchain, announced its decision to adopt Chainlink as its oracle provider for critical price data. 

Chainlink’s reputation as an innovative oracle provider also stems from its commitment to enhancing security and privacy for institutional and enterprise users. Recognizing that businesses often need to secure sensitive information during blockchain transactions, Chainlink introduced the Blockchain Privacy Manager, a tool designed to safeguard private information on enterprise blockchains. This manager allows private chains to connect with Chainlink’s network while protecting confidential data. 

Chainlink also launched its CCIP Private Transactions solution, an end-to-end encrypted transaction service that offers additional layers of security for firms managing sensitive deals. These tools have been critical in Chainlink’s efforts to attract enterprise clients, positioning the company as a go-to solution for private, secure, and real-time data on the blockchain.

While Chainlink has long held a leading position in the oracle market, competition is growing as other providers enter the space with their own innovations. In October 2024, Chainlink faced increased competition from the Pyth network, which surpassed Chainlink in 30-day transaction volume. Pyth, known for its high-frequency, low-latency data feeds, has gained popularity with decentralized applications seeking faster data inputs.

Other competitors, including Chronicle and Redstone, are also making strides to challenge Chainlink's market dominance. Despite these competitive pressures, Chainlink remains the largest oracle provider by total value secured (TVS) across decentralized applications. Data from DefiLlama, a prominent DeFi analytics platform, indicated that Chainlink secured approximately 46% of the TVS in October 2024, with Pyth holding around 9.5%. 

The partnership with Chainlink is expected to position World Liberty Financial as a high-profile DeFi platform with robust infrastructure that meets the needs of modern investors. The Aave v3 instance that World Liberty Financial will deploy allows for lending, borrowing, and yield generation, all powered by a protocol renowned for its efficiency and security. With Chainlink as the oracle provider, World Liberty Financial is well-poised to offer users a more reliable DeFi experience, bolstering user confidence in DeFi solutions.

President-elect Donald Trump’s involvement in 

 is notable not only for the project itself but for what it represents: a shift in the broader financial ecosystem toward decentralized solutions. By integrating Chainlink, World Liberty Financial is making a statement about the future of finance — one that emphasizes transparency, decentralization, and innovation.

As Chainlink continues to expand its offerings and deepen its partnerships, it remains to be seen how the competition will respond. However, with high-profile clients and ambitious projects like World Liberty Financial, Chainlink’s dominance in the oracle market appears secure for the foreseeable future.

Trump Nominates Matt Gaetz for Attorney General, Sparking Implications for DOJ and Crypto Regulation

 has nominated Representative Matt Gaetz for Attorney General, prompting Gaetz to resign from Congress effective immediately. Gaetz’s resignation not only marks an end to his tenure in the House of Representatives but also halts an ongoing House Ethics Committee investigation into allegations of misconduct that began in 2021. The nomination signals a potential shift in the Department of Justice (DOJ), with Gaetz expected to champion reforms aligned with Trump’s agenda and his own long standing views on government accountability.

Gaetz, a Florida lawmaker representing the state’s 1st Congressional District, has been a controversial figure throughout his time in Congress. Known for his vocal support of conservative causes and fervent criticism of federal agencies, Gaetz was under investigation by the House Ethics Committee for alleged sexual misconduct and drug use. This probe, initiated in 2021, was abruptly stopped due to his resignation. In addition to his high-profile battles, Gaetz has made waves in areas such as cryptocurrency and financial modernization.

In June 2023, Gaetz introduced a groundbreaking legislative bill aimed at modernizing the US tax system by requiring the Internal Revenue Service (IRS) to accept Bitcoin payments from taxpayers. His interest in crypto adoption reportedly stemmed from attending the inauguration of Salvadoran President Nayib Bukele, where he witnessed firsthand the nation’s embrace of Bitcoin as legal tender. Gaetz described his legislative efforts as a means to position the US as a leader in digital finance.

On Nov. 13, Trump announced Gaetz’s nomination for Attorney General in a post on X, formerly known as Twitter. He lauded Gaetz’s dedication to reforming the DOJ, a department that Trump and his supporters argue has overreached in recent years. The move was seen as a strategic decision to instill Gaetz’s conservative principles within the DOJ, as Gaetz has been an outspoken critic of what he views as “government weaponization” in federal agencies.

Gaetz’s nomination could have substantial implications for the cryptocurrency industry. Throughout his time in Congress, Gaetz has expressed a vision for digital assets that embraces their potential while advocating for regulatory clarity. His introduction of the Bitcoin tax payment legislation signals his belief in the need for US tax and financial systems to adapt to digital currency trends.

As Attorney General, Gaetz would have significant influence over the DOJ’s approach to cryptocurrency, particularly with respect to its enforcement priorities and collaboration with financial regulatory agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Gaetz has publicly emphasized the importance of learning from nations like El Salvador in integrating digital currencies into traditional financial frameworks.

Should he carry his pro-crypto stance into the DOJ, Gaetz may pursue policies that encourage digital asset innovation while maintaining necessary oversight, an approach likely to be well-received by blockchain advocates who desire a balance between regulation and innovation.

In addition to his Bitcoin tax bill, Gaetz co-sponsored the Financial Innovation and Technology for the 21st Century (FIT21) Act, a bill aimed at providing a regulatory framework for digital assets and promoting blockchain technology within the US financial system. 

The FIT21 Act aligns with Gaetz’s broader goals of modernizing financial regulations and creating more opportunities for blockchain-based innovations to thrive. In his new role, Gaetz is expected to leverage his DOJ authority to foster a favorable regulatory environment for blockchain technology, which could lead to more widespread adoption of cryptocurrencies and digital asset platforms.

Gaetz’s legislative interests extend beyond cryptocurrency. In May 2024, he joined forces with bipartisan lawmakers, including Representatives Alexandria Ocasio-Cortez, Raja Krishnamoorthi, and Brian Fitzpatrick, to introduce the Restoring Faith in Government Act. This legislation aimed to amend federal laws to prohibit congressional members from owning or trading securities, futures, and certain commodities — a move designed to reduce conflicts of interest and restore public trust in government officials.

Crypto Community Reaction to Gaetz’s Appointment

The crypto community has had mixed reactions to Gaetz’s nomination as Attorney General. On the one hand, Gaetz’s legislative record suggests a willingness to push for digital currency integration and modernize outdated financial systems. Advocates within the blockchain industry are hopeful that Gaetz’s pro-crypto stance could lead to more streamlined regulatory policies, giving companies greater freedom to innovate without the fear of regulatory backlash.

On the other hand, Gaetz’s controversies and the ongoing ethical questions surrounding his political career have led some in the industry to express caution. Regulatory clarity remains a critical issue for the crypto sector, and industry insiders are wary of how Gaetz’s personal challenges and outspoken views could impact his tenure at the DOJ.

With Gaetz at the DOJ, President-elect Trump’s administration appears poised to bring cryptocurrency policy to the forefront. Trump’s support for Gaetz, combined with Gaetz’s existing track record, signals an approach that will likely emphasize innovation, ethical standards, and a crackdown on federal agency overreach. Trump’s administration may also work closely with congressional leaders on crypto-focused legislative reforms, such as the FIT21 Act, as part of a broader initiative to position the U.S. as a competitive force in the global digital economy.

As Gaetz prepares to step into his role as Attorney General, his tenure is likely to impact not only DOJ policies on government accountability and ethics but also the regulatory landscape for digital assets. The potential for this administration to accelerate pro-crypto policies offers a unique opportunity for the industry to gain legitimacy in the eyes of the government and the American public.

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