Former FTX Executive Ryan Salame Sentenced to 90 Months in Prison for Role in Cryptocurrency Giant’s Implosion
Another former executive of FTX has been handed a hefty prison sentence for his involvement in the cryptocurrency giant’s downfall in late 2022. Ryan Salame, the co-CEO of FTX’s Bahamian subsidiary, has been sentenced to 90 months in prison by US federal prosecutors.
Salame, who was a close associate of FTX founder Sam Bankman-Fried, pleaded guilty last year to violating political campaign finance laws and running an illegal money-transmitting business. This comes after Bankman-Fried himself was sentenced to 25 years in prison for embezzling $8 billion from FTX customers.
“Salame’s actions undermined public trust in American elections and the financial system,” said Damian Williams, US Attorney for the Southern District of New York.
A jury found Salame guilty on seven fraud and conspiracy counts related to FTX’s collapse, which prosecutors have described as one of the largest financial frauds in US history. Despite prosecutors seeking a shorter sentence, Salame was handed a 90-month prison term, along with three years of supervised release and hefty financial penalties.
Salame is one of four former top executives from Bankman-Fried’s companies to plead guilty to charges, highlighting the extent of the wrongdoing within FTX. The once-prominent crypto exchange attracted millions of customers before rumors of financial trouble led to its demise in 2022.
Bankman-Fried’s crimes were exposed during a trial that revealed how he misused customer funds for personal gain, including buying property, making political donations, and other investments. The downfall of FTX serves as a cautionary tale for the cryptocurrency industry, emphasizing the importance of transparency and accountability in the digital asset space.
