Because of her role in the billion-dollar fraud of the failed crypto exchange FTX must send Caroline Ellison to prison for 24 months. The judge gave to that she can serve her sentence in an institution near Boston, where her family lives.

Since this is a federal crime, Ellison will have to serve at least 75 percent of her sentence before she is eligible for parole. After serving her sentence, she will remain under supervision for three years for the time being.

Judge Lewis A. Kaplan seemed to have sympathy for the 29-year-old despite the verdict. She was a key witness in the government's trial of Sam Bankman-Fried - the founder and CEO of the failed crypto exchange, with whom Ellison also had a relationship.

"You were vulnerable and were abused. You show sincere regret," he said shortly before sentencing. Kaplan especially emphasized Ellison's cooperation: "In 30 years here, I have seen many people who have cooperated, but never someone like Ms. Ellison."

Her statements were crucial in Bankman-Fried's sentencing, prosecutors said in setting sentencing guidelines for Tuesday's hearing. Bankman-Fried was convicted on all seven charges and received a 25-year prison sentence earlier this year. He will appeal. How his chances stand.

In her effort to please Bankman-Fried, Ellison participated in the fraudulent scheme, but after the demise of FTX "she found her moral compass back," said her lawyer.

Ellison, speaking briefly before the statement, said she wanted to apologize to former FTX and Alameda customers, her former colleagues, friends and family. "The human brain has a hard time dealing with big numbers," she said in a trembling voice.

"I can't even imagine the pain I caused. If someone had told me in 2018 that I would ever plead guilty to fraud, I would have said that person was crazy," Ellison added.

"With each step of the process, it became harder and harder to untie myself.... I'm sorry I wasn't brave."

Ellison is also still working with FTX's trustees to recover customer money and compensate FTX's customers.