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Published 3 months ago

Former FTX executive Ryan Salame to plead guilty to criminal charges

  • Ryan Salame, a former executive of FTX, has pleaded guilty to violating campaign finance laws and running an illegal money-transmitting business in connection with the collapse of the cryptocurrency exchange. He has agreed to surrender more than $1.5 billion to authorities. Sam Bankman-Fried, the founder of FTX, is set to go on trial in October on fraud charges related to the bankruptcy of the exchange.
  • Salame admitted to using money from Alameda Research, a hedge fund affiliated with FTX, to make illegal campaign donations. He also used false names to exceed legal limits. Salame's guilty plea follows those of three other top executives from Bankman-Fried's companies who pleaded guilty to similar charges.
  • Prosecutors have accused Bankman-Fried of misusing funds from investors and customers to pay for property, political donations, and cover losses at his hedge fund. Although Salame has agreed to surrender $1.5 billion, authorities have indicated they would accept a smaller amount as part of the plea deal.
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