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Ryan Salame, Former FTX Executive, Convicted of Conspiracy and Fraud
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Former Alameda Research and FTX executive Ryan Salame was convicted on November 9, 2023, of conspiracy to commit fraud and fraud in connection with the collapse of the cryptocurrency exchange FTX. The conviction marks another significant advancement in the legal fallout from one of the most prominent crypto failures in history.
Last updated: 2023-11-10 14:35:00 PST
What Happened?
Ryan Salame,30,was found guilty by a federal jury in New York on charges of conspiracy to commit fraud and fraud. Prosecutors argued that Salame knowingly participated in a scheme to defraud FTX customers, using their funds for illicit purposes, including making illegal political donations and covering up the financial troubles of Alameda Research, a trading firm also founded by Sam Bankman-Fried.
According to the Department of Justice, Salame admitted to conspiring with others to make unlawful political contributions, violating campaign finance laws. He cooperated with prosecutors in their case against Sam Bankman-Fried, providing testimony that was crucial to the government’s case.
Key Details of the Conviction
| charge | Maximum penalty |
|---|---|
| Conspiracy to Commit Fraud | 5 years in prison |
| fraud | 20 years in prison |
While the fraud charge carries a maximum sentence of 20 years, Salame’s cooperation with the government is expected to result in a significantly reduced sentence. Sentencing is scheduled for March 7, 2024, before U.S. District Judge Lewis A. Kaplan. Reuters reports that salame could face between 18 months and 24 months in prison.
The FTX Collapse: A Timeline
- November 2022: Reports emerge of a liquidity crisis at FTX and Alameda Research.
- November 8, 2022: binance announces it will liquidate it’s holdings of FTT, FTX’s native token, triggering a massive sell-off.
- November 11, 2022: FTX files for Chapter 11 bankruptcy protection.
- December 2022: Sam Bankman-Fried is arrested in the Bahamas and extradited to the United States.
- November 9, 2023: ryan Salame is convicted of conspiracy and fraud.
Who is Ryan Salame?
Ryan Salame served as the co-chief executive officer of FTX Digital Markets, the exchange’s international arm. He was a key figure in the company’s expansion and operations. Prior to joining FTX, salame worked as a trader at Tower Research Capital. Bloomberg details his rise within the FTX organization.
What Does This Mean for the FTX Case?
Salame’s conviction is a significant win for prosecutors and further unravels the web of deceit surrounding FTX. His testimony was instrumental in building the case against Sam Bankman-fried, who is currently on trial. The government presented evidence that salame was aware of the misuse of customer funds and actively participated in concealing the true financial state of the company.
the conviction also sends a strong message to others in the cryptocurrency industry that fraudulent activities will be prosecuted. The Department of Justice continues to investigate other individuals involved in the FTX collapse.