Katherine Ellison has made a name for herself in the crypto world. She was the co-CEO of Alameda Research, a trading firm focused on quantitative strategies in cryptocurrency.

At just 29 years old, she rose to prominence in this fast-paced industry. She was also in a romantic relationship with Sam Bankman-Fried, the founder of Alameda and the sister exchange, FTX.

Under Bankman-Fried’s guidance, Ellison borrowed billions from customer funds at FTX. She used this money to cover significant losses for Alameda. Some of those funds even went toward political donations and risky startup investments. By the time everything came to light, FTX customers had lost over $8 billion in deposits.

After FTX collapsed in 2022, Ellison lost her job at Alameda. But she didn’t disappear. Instead, she became a key witness in the criminal case against Bankman-Fried.

Now, let’s talk about her sentencing. It’s set for Tuesday, September 24, at the U.S. District Court for the Southern District of New York. The hearing will start at 3 p.m. ET.

Ellison has pleaded guilty to several charges. These include two counts of wire fraud and conspiracy to commit wire fraud. She also faces charges for money laundering and securities fraud. Altogether, these charges could lead to a maximum sentence of 110 years.

However, it’s unlikely she’ll serve that long, if at all. In 2022, she struck a plea deal with federal prosecutors. This agreement limits her criminal liability in exchange for her cooperation against Bankman-Fried.

Her defense team has requested that she receive “supervised release” without any prison time. Interestingly, federal prosecutors haven’t recommended a specific prison term for her. They’ve praised her contributions as a witness, calling them “substantial” and “exemplary.”

In the meantime, public speculation is buzzing. Nearly half of the bets on the crypto prediction market Polymarket suggest that Ellison might not face any prison time. Only 5% of participants think she’ll get a sentence of 60 months or more.

In other news, a panel of federal judges expressed skepticism about the SEC’s reluctance to clarify rules regarding crypto token sales. Additionally, Telegram’s CEO announced a new policy to share user information with authorities after his recent arrest. Lastly, a federal judge ordered a New York-based fraudster to pay over $36 million in penalties related to a fraudulent crypto scheme.