In an article published Nov. 18 by Forbes Magazine, the managing director of FTX affiliate Alameda Research, Caroline Ellison, was dubbed “Queen Caroline.”
The magazine attempts to portray Caroline Ellison in a neutral light by simply calling her “a math whiz who loves Harry Potter and takes big risks.” The magazine paints her as “a new alt-right darling,” which many call simply false since former FTX CEO Sam Bankman-Fried (and the FTX establishment would be known as the second-largest donor to the Democrats after the billionaire Giorgio Soros.
Caroline Ellison, CEO of Alameda Research, is a math whiz who loves Harry Potter and takes big risks. She is also a protagonist of Sam Bankman-Fried’s FTX catastrophe and a new darling of the alt-right.
Read more: https://t.co/15QghRLzNz pic.twitter.com/FV2hGxnOGc
—Forbes (@Forbes) November 18, 2022
Members of the crypto community took to Twitter to voice their contempt at Forbes and other mainstream media outlets for their coverage of the FTX crash. Bitcoin educator Dan Held shared in a tweet, “What happened with FTX wasn’t a ‘mistake’ or ‘risky trade gone bad’, it was outright fraud on an unprecedented scale. It’s crazy that the mainstream media isn’t criticizing Caroline and SBF.
What happened with FTX wasn’t a “mistake” or a “risky trade gone bad”, it was outright fraud on an unprecedented scale.
It’s crazy that the mainstream media isn’t criticizing Caroline and SBF.
— Dan Held (@danheld) November 18, 2022
The market analyst, using the Twitter handle koreanjewcrypto, shared: “MSM [Mainstream Media] trying to make sam and caroline some weird kind of martyr is unfathomable to me. It is completely unacceptable that there should be accountability.”
They cheated out of billions
Many lives ruined, normal people, one of my closest friends mom lost everything on FTX
MSM trying to make Sam and Caroline some weird kind of martyr is unfathomable to me
It is absolutely unacceptable that there should be accountability pic.twitter.com/USZA4UZDnv
— King of all Korean Jews (@koreanjewcrypto) November 18, 2022
Princeton Blockchain Club Director Carl Zielinski Shared “NYTimes and Forbes Competing to Have WORST FTX Saga Piece Imaginable” in Response to Forbes’ Article on Ellison and New York Times “Bloated Piece” on Sam Bankman-Fried.
NYTimes and Forbes compete to have the WORST piece imaginable on the FTX saga
— Carl Zielinski (carlz.eth) (@CarlZielinski) November 18, 2022
Ryann Wyatt, CEO of Polygon Studios, shared in response to Forbes Magazine, “‘The CEO of Alameda Research, who committed mass fraud and ruined the lives of many people in cahoots with SBF’ is a more fitting headline.”
“The CEO of Alameda Research, who committed mass fraud and ruined the lives of many people in cahoots with SBF” is the most appropriate headline.
—Ryan Wyatt (@Fwiz) November 18, 2022
Alex, a physical engineer with Twitter who runs ajtourville, shared in a response to the Forbes article: “The leftist media is actively downplaying the multi-billion dollar #FTX FRAUD, as well as spearheading a not so PR crisis management campaign. subtle for Sam Bankman-Fried and his girlfriend Caroline Ellison.
The leftist media is actively downplaying the #FTX Multibillion-dollar FRAUD as well as spearheading a not-so-subtle PR crisis management campaign for Sam Bankman-Fried and his girlfriend Caroline Ellison. pic.twitter.com/IAdYGohTL0
— ALEX (@ajtourville) November 18, 2022
Others simply lambasted Forbes for trying to portray Ellison as “a new darling of the alt-right.” 3D fashion designer NKdfash shared, “How can she be an alt-right darling when her plan literally bankrolled the Democrats? I’m so confused.”
How can she be an alt-right darling when her plan literally bankrolled the Democrats? I’m so confused
— ENKIdigitalfashion.eth (@NKdfash) November 18, 2022
Misogyny in the cryptocurrency community
When it comes to criticism, some have argued that Ellison could come under harsher criticism and attack, even more so than SBF, the former CEO of FTX.
Online, Ellison is facing a barrage of misogynistic comments and vile attacks from the male-dominated crypto community. Her appearance and sexuality have been the subject of ridicule and harsh judgement.
Stanford undergraduate with Twitter handle TheMichelleBao commented on the misogyny she was seeing within the crypto community, stating, “so many of these tweets about caroline ellison reek of misogyny. is it too much to ask for a world where women aren’t vilified as “ugly” for committing massive financial fraud and supporting racial science and being in a polyculio??”
so many of these tweets about caroline ellison reek of misogyny. is it too much to ask for a world where women aren’t vilified as “ugly” for committing massive financial fraud and supporting racial science and being in a polyculio??
— michelle (@TheMichelleBao) November 14, 2022
User Fandango, who calls himself the_co11ector, shared: “We can stop the misogynistic portrayals of Alameda CEO Caroline Ellison. If you want to break into her, just point out her clear lack of ethics and how she is fucking up the whole space.
We can stop with the misogynistic interpretations of Caroline Ellison, CEO of Alameda.
If you want to break into her, highlight her clear lack of ethics and the way she fucks all over the space.
— Fandango (@the_co11ector) November 12, 2022
To which Crypto account holder Bin Laden replied: “No one is attacking her because she is a woman. People attack her because she’s ugly, but not because she’s a woman.”
No one is attacking her because she is a woman. People attack her because she’s ugly, but not because she’s a woman.
— Crypto Bin Laden (@CryptoBinLaden) November 18, 2022
Ellison’s appearance was subject to intense ridicule. She has been called “fugly”, “awful” and even a “goblin” and exaggerated caricature images of her continue to circulate online as memes.
Related: Sam Bankman-Fried Rumor Goes Crazy: Trading Course, FBI Extradition, FTX Hack
On Nov. 17, Cointelegraph reported that FTX and Alameda were likely colluding from the start, which ultimately contributed to their collapse. Both entities were created by cryptocurrency businessman Sam Bankman-Fried, who is now being considered for extradition by US authorities over his role in the exchange’s collapse.