July 16, 2024
Ryan Salame, set to admit guilt
Latest Cryptocurrency News

Former FTX Co-CEO Ryan Salame to Plead Guilty in Cryptocurrency Exchange Scandal

Ryan Salame, the former co-CEO of FTX Digital Markets, is reportedly preparing to admit guilt to criminal charges linked to his alleged involvement in unlawful activities at the failed cryptocurrency exchange.

As per a September 7 Bloomberg report citing people familiar with the case, Salame intends to confess to a range of charges during an upcoming court appearance. His admission of guilt will place him among a group of executives formerly associated with FTX who have taken a similar course of action in the wake of the exchange’s collapse in November 2022.

Bahamian court records suggest that Salame was among the initial FTX insiders who alerted authorities to the mingling of funds between Alameda Research and the cryptocurrency exchange. In December 2022, former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang pleaded guilty to federal fraud charges. FTX’s former engineering director, Nishad Singh, also admitted to similar charges in February 2023.

FTX Digital Markets served as FTX’s affiliate in the Bahamas, where many executives, including former CEO Sam Bankman-Fried, were situated prior to the company’s bankruptcy. Bankman-Fried has entered a not-guilty plea to 12 criminal charges and is set to address them in two separate trials commencing on October 2, 2023, and March 11, 2024.

The specific charges Salame might be facing in connection with his alleged involvement in fraud at FTX remain unclear. However, previous reports have indicated that prosecutors were probing potential violations of campaign finance law, specifically related to contributions made to his girlfriend Michelle Bond’s 2022 congressional campaign. An August filing in federal court indicated that Salame would be unavailable to testify against Bankman-Fried in his criminal case and would invoke his Fifth Amendment right against self-incrimination if called as a witness.

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