Down Arrow Button Icon

Fortune has an intriguing new profile of Caroline Ellison, the young woman who was CEO of Sam Bankman-Fried’s crypto trading firm, Alameda Research. Writer Courtney Rubin reached out to 150 of Ellison’s friends and associates to create the most complete picture to date of Ellison, who is now a cooperating witness in the criminal trial against Bankman-Fried, the founder of FTX and her onetime boyfriend.

What emerges is a picture of Ellison that shows her to be utterly brilliant in some aspects of life—especially math and economics—but totally stunted in others, especially when it came to social interactions. We learn that she viewed talking with other people as “unpleasant” and that, in the words of a college friend, “she would marry her math homework if that was legal.”

Ellison is an unapologetic nerd, reveling in books and LARPer culture, and, as Rubin reveals, is admirably indifferent to popularity or what others think of her. Her priorities instead revolved around Harry Potter—she began tearing through the books on her own at the age of 5—and quirky intellectual pursuits like writing a review of the 1,400-page novel A Suitable Boy in rhyming couplets.

This is a person who, in the ordinary course of things, I would be rooting for. It’s easy to relate to those who never quite fit in and to cheer for the ones who become wildly successful all the same by relying—as Ellison did—on brains and hard work rather than looks and popularity.

Given all this, it’s tempting to view Ellison’s undoing as not her fault. Could it be that she was the victim of Bankman-Fried’s manipulations and her own poor social skills? And that she faced an impossible situation as a woman in the bro-y world of finance? Rubin cites a blog post where Ellison, looking to muster confidence as a boss, compares herself to the only female general in an all-male Harry Potter army: “If Hermione Granger can be a general in one of Quirrell’s armies, I can send a message asking some guys if there’s been any progress on the thing.”

I love the sentiment, but, unfortunately, Ellison’s actions speak for themselves. This a young woman who may have been awkward, but who was born with every other advantage—wealth, status, education, and a brilliant mind. Yet she chose to offer the world nothing in return, instead exalting in her own intellect while helping Bankman-Fried carry out a massive fraud. I hope she goes to prison.

Jeff John Roberts
jeff.roberts@fortune.com
@jeffjohnroberts

DECENTRALIZED NEWS

A surge of positive investor sentiment in response to the debt deal helped Bitcoin jump past $28,000, its highest level in two weeks. (Bloomberg)

A White House plan to impose a 30% excise tax on Bitcoin mining appears to have been scrapped as part of the debt ceiling compromise. (Fortune)

Singapore’s state-owned investment firm Temasek cut senior managers’ pay after they lost $275 million on FTX. (WSJ)

Upstart NFT marketplace Blur’s new lending platform racked up $308 million in trading volume in its first three weeks, though skeptics note some of this is wash trading. (CoinDesk)

Gemini and Genesis asked a judge to dismiss a Securities and Exchange Commission lawsuit over Earn, claiming the troubled high-interest product offered loans, not securities. (Bloomberg)