Another former executive of FTX has been sentenced to prison for his role in the collapse of the cryptocurrency giant in late 2022.
Ryan Salame, co-CEO of FTX’s Bahamian subsidiary, received a 90-month prison sentence, according to US federal prosecutors. He admitted guilt last September to breaking political campaign finance laws and running an illegal money-transmitting business.
Salame was a close associate of Sam Bankman-Fried, the founder of the now-bankrupt crypto exchange. Bankman-Fried was sentenced earlier this year to 25 years in prison for stealing $8 billion from FTX customers.
US Attorney Damian Williams said Salame’s crimes damaged public trust in American elections and financial integrity. A jury found Salame guilty last November of seven fraud and conspiracy charges related to FTX’s downfall, which prosecutors called one of the largest financial frauds in US history.
Salame’s sentence exceeded the five to seven years prosecutors had requested. He also received three years of supervised release and must pay over $6 million in forfeiture and $5 million in restitution.
Salame is one of four former top executives from Bankman-Fried’s companies who pleaded guilty to charges, including former Alameda CEO Caroline Ellison, former FTX tech chief Gary Wang, and former FTX engineering chief Nishad Singh.
FTX was once a leading crypto exchange, making Bankman-Fried a well-known figure and drawing millions of users to trade cryptocurrency. However, financial issues led to a run on deposits in 2022, leading to the firm’s collapse and revealing Bankman-Fried’s fraudulent activities.
This news is based on a report by BBC .
https://www.bbc.com/news/articles/cqee727vnzmo