Ellison was Bankman's principal co-conspirator, fully aware that Alameda was a bucket shop operating on money unlawfully borrowed from FTX customers, with privileged access to the exchange thus further defrauding customers, and a massive money black whole due to the trades she organized and supervised. This hemorrhaging of money bankrupted FTX in the end, not the occasional billion here and there borrowed by Bankman. Ellison couldn't have not known this state of affairs, yet she kept the lights on and most of her staff in the dark until the very last day when everything started crumbling around her.

She fully deserves to go to jail for a long time, but probably won't since she was smart enough to get the early worm in terms of deals with the prosecution.