First photo of incarcerated Sam Bankman-Fried with his ex-girlfriend Caroline Ellison emerges

Sam Bankman-Fried and his ex-girlfriend Caroline Ellison are pictured together for the first time after his FTX crypto exchange imploded and he blamed her for the downfall.

DailyMail.com revealed the March 2021 image showing SBF, 30, front and center in a group picture with his arm around Ellison, 28, while men in curly wigs – believed to mock his signature hairstyle – pose around her.

The photo was taken to celebrate SBF’s 29th birthday party at Hong Kong’s exclusive The Crown club. They are pictured with FTX co-founder Gary Wang and other executives.

Ellison was the CEO of Alameda, Bankman-Fried’s crypto investment firm, which prosecutors say was used to funnel billions of dollars as a “personal piggy bank” for the disgraced founder.

It’s unclear if she may also face charges in what prosecutors are calling “one of the largest financial frauds in American history.”

DailyMail.com spotted the first photo of Sam Bankman-Fried and Caroline Ellison in March 2021 in Hong Kong, celebrating SBF’s 29th birthday

SBF appears front and center in a group picture with his arm around Ellison, 28, while men in curly wigs – believed to mock his signature hairstyle – pose around them. They are pictured with FTX co-founder Gary Wang (left).

Ellison, along with other members of SBF’s millennial gang, has been named multiple times in the indictment documents but has not yet been arrested.

Despite her limited professional trading experience, SBF installed Ellison as CEO of the multi-billion dollar fund in October 2021.

FTX has reportedly lent Alameda billions in client funds without their knowledge or permission. The crisis at FTX was sparked when customers rushed to withdraw their funds but the company was unable to cash out.

The former couple lived in a $40 million penthouse on the southern tip of New Providence, the main island of the Bahamas.

She and eight others shared a “polycule” made up of his inner circle of FTX and Alameda executives.

Videos have resurfaced alongside the image of the couple together, in which Ellison appears to ramble as she describes her work as a CEO that handles billions of dollars.

In one clip, she discusses options for yield farming, a method of earning rewards by investing in a pool with other cryptocurrencies.

“A big discussion in June and July was, ‘Should we be yield farming at all?’ And I was like, ‘Oh, I don’t know. The whole thing looks strange. And are there no risks? And what if those platforms get hacked?” And it’s such a huge pain to operate.’

She goes on to say that she ultimately lost the argument.

Ellison, 28, was seen at a coffee shop in downtown New York City on December 4, four days before SBF was secretly indicted by an NYC grand jury and just over a week before his arrest

Ellison was the CEO of Alameda, the Bankman-Fried-owned crypto investment firm that prosecutors say was used to funnel billions of dollars as a “personal piggy bank” for the now-disgraced founder

In resurfaced videos, Ellison seems to ramble as she describes her work as a CEO managing billions of dollars

She wore broken glasses and laughed sheepishly as she discussed yield farming, a method of earning rewards by depositing cryptocurrency into a pool with others

Wearing broken glasses, she gives a sheepish laugh as she reflects on that time, saying: “A lot of this summer for me has been about realigning my expectations and being open to everything that’s happened.

“I think about every week something weirder than the week before would happen. And I was like okay, I just mentally adjusted to it [it].’

Ellison’s FTX founder’s ex has been taken into custody in the Bahamian capital of Nassau after being secretly indicted by a grand jury in New York.

In a warning Tuesday, United States Attorney for the Southern District of New York Damian Williams said more charges would be filed in the coming days and weeks.

“We’re not done yet,” he said unequivocally, warning that announcing the charges against Bankman-Fried this week was only the “first” step.

Bankman-Fried is the only one charged so far. Ellison and others, including Wang and Nishad Singh, 27, FTX’s fired director of engineering, who are both said to have made billions from crypto, have yet to learn if they face legal action.

They are all in hiding after the bomb charges by the two federal prosecutors in New York and the Securities and Exchange Commission.

But just days before SBF’s arrest, Ellison was spotted at a coffee shop in New York City.

Despite her limited professional trading experience, SBF installed Ellison as CEO of the multi-billion dollar fund in October 2021

Nishad Singh (left) and Gary Wang, two members of Bankman-Fried’s inner circle, are still awaiting hearing if they will be charged in connection with the FTX collapse

Bankman-Fried claims that the American branch of his crypto trading platform FTX US is solvent and that he would be able to “repay money to anyone who lost money on the international arm FTX International” if the government were to unfreeze his assets.

However, the company filed for Chapter 11 bankruptcy earlier this year, which would indicate no money.

He claims he was forced to do it.

On Tuesday, a Nassau judge ordered the FTX founder to be held without bail while he fights extradition to the United States on a slew of charges including securities and wire fraud.

SBF had argued that he should be granted $250,000 bail and house arrest because of his veganism, depression and drug addiction.

Instead, Chief Magistrate Joyann Ferguson-Pratt ordered that he spend the next two months before his next court appearance on February 8 in the Bahamas’ notorious Fox Hill prison, which has been blamed for its rodent infestation, violence and mixing of children with adults known to prisoners.

He could appeal the decision to keep him in the prison, which was designed for 1,200 inmates but regularly holds around 2,400.

Speaking to DailyMail.com, Bahamas-based attorney Romona Farquarhson said it was “very likely” that SBF would be granted a hearing in the Bahamas Supreme Court, where he could be released on bail before February 8.

Farquarhson said SBF was unlikely to be held in the general Fox Hill population, but more likely in the prison’s investigation center.

US Attorney Damian Williams warned that further charges against others were pending. “We’re not done yet,” he said

The prison where SBF is being held is notorious for chronic overcrowding and rodent and maggot infestations

A 2021 study by Amnesty International found that prisoners at Fox Hill did not have access to bathrooms and were forced to say goodbye

According to a section of the study, “Many cells also lacked running water, and in these cells inmates removed human excrement with buckets.”

A US State Department study of Fox Hill found that it was infested with rats and maggots, while the low staffing level allowed inmates to leave their cells for only 30 minutes a week.

According to a section of the study, “Many cells also lacked running water, and in these cells inmates removed human excrement with buckets.”

It continued: “Sanitization was a general concern, with cells infested with rats, maggots and insects. Ventilation was also a general problem. Inmates in the maximum security wing had access to sanitary facilities for only one hour a day and used sink buckets for toilets.’

Another passage said: “Prison inmates complained about the lack of beds and bedding. As a result, inmates got bedsores from lying on the bare floor.” A study conducted years ago described the prison as “harsh” and “primitive”.

There are a total of seven residential units in the prison, including high-security, women’s and central reception.

Throughout the prison, minors share cells with adult prisoners.

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