Why did Caroline Ellison do it?

Photo Illustration of Caroline Ellison in front of a graphic background of pixels and soapy money. — Photo Illustration by Cath Virginia / The Verge | Photo by Bloomberg, Agustina Torres, Getty Images

The story of Sam Bankman-Fried was obvious enough: a Shakespearean level of arrogance that led to tragedy. But I have been puzzled for some time by Caroline Ellison, the former CEO of Alameda Research and star witness of the FTX trial. Now, after her sentencing, I believe what she did is weirder and perhaps sadder.

Ellison spoke on her own behalf, beginning by apologizing to everyone she’s hurt. “I think on some level my brain can’t even truly comprehend the scale of the harms I’ve caused,” she said. “That doesn’t mean I don’t try. So to all the victims and everyone I harmed directly or indirectly, I am so, so sorry.”

Ellison went on to say that she’s always thought of herself as an honest person — and that...

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