Ex-FTX Exec Ryan Salame Sentenced to 90 Months in Prison: Impact on FTX Token (FTT) and Crypto Market

<ul>
  <li>Ryan Salame, a former high-ranking official at Alameda Research and co-CEO of bankrupt crypto exchange FTX, has been sentenced to 90 months in prison for his involvement in what the US Southern District of New York calls “illegal political contributions” and operating an unlicensed money transmitter business.</li>
  <li>The sentencing, delivered by US District Judge Lewis A. Kaplan, follows Salame’s guilty plea to conspiracy to defraud the Federal Election Commission and conspiracy to operate an unlicensed money-transmitting business.</li>
  <li>The United States Attorney for the Southern District of New York, Damian Williams, emphasized Salame’s actions’ consequences, which undermined public trust in American elections and the integrity of the financial system.</li>
</ul>
<p><strong>Ryan Salame, former co-CEO of FTX, sentenced to 90 months for illegal political contributions and operating an unlicensed money transmitter business.</strong></p>
<h2><strong>Conspiracy Charges In Financial And Political Schemes</strong></h2>
<p>According to court filings and statements made during the proceedings, Ryan Salame served as a top official at Alameda Research, FTX’s trading arm founded by Samuel Bankman-Fried, from 2019 to 2021. In October 2021, Salame was appointed co-CEO of FTX’s Bahamian affiliate, FTX Digital Markets Ltd.</p>
<h3><strong>FTX Executive’s Covert Contributions</strong></h3>
<p>In addition to the unlicensed money-transmitting business, U.S. authorities allege that Salame conspired with Bankman-Fried and FTX executive Nishad Singh to make campaign contributions that concealed Bankman-Fried’s connection to the contributions.</p>
<p>These contributions, totaling “tens of millions of dollars,” were intended to enhance Bankman-Fried’s standing in Washington, D.C., raise FTX’s profile, and curry favor with candidates who might sponsor legislation favorable to FTX, Alameda, or Bankman-Fried’s agenda.</p>
<h3><strong>Conclusion</strong></h3>
<p>In addition to the 90-month prison term, Ryan Salame was sentenced to three years of supervised release. He has also been ordered to pay over $6 million in forfeiture and more than $5 million in restitution for the financial harm caused by his actions.</p>
Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Michigan State Retirement Fund Invests $10 Million in Grayscale Ethereum Trust, Securing Major Stake

The Michigan State Retirement Fund has strategically positioned itself...

Grayscale Proposes Listing for Grayscale Digital Large Cap Fund (GDLC) as ETP with Bitcoin Dominating Holdings

On November 4, COINOTAG News reported that Grayscale has...

Fragmetric Completes Builder Round Financing to Enhance Solana Ecosystem Security and Liquidity

On November 4th, COINOTAG News reported that Fragmetric, a...

Vitalik Buterin Warns Against Exclusion of Russian Developers in Open Source Community

On November 4th, Vitalik Buterin, co-founder of Ethereum, took...

Bitcoin Volatility Soars Amid U.S. Election Impact on Crypto Markets

Bitcoin Volatility Surges as U.S. Election Heightens Stakes for...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img