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- Former FTX Digital Market co-CEO Ryan Salame is set to forfeit his $5.9 million Bahamas house to settle criminal charges.
- Salame was charged with conspiracy to make unlawful political contributions, defrauding the Federal Election Commission, and conspiracy to operate an unlicensed money-transmitting business.
- FTX Trading Ltd., the parent company of FTX Digital Markets, went bankrupt in November 2022.
Former FTX co-CEO Ryan Salame is to transfer his $5.9 million Bahamas house to settle criminal charges, marking the latest development in the FTX fraud scandal.
Salame’s Plea Agreement and Charges
Ryan Salame, the former co-CEO of FTX Digital Markets, has agreed to forfeit his Bahamas residence to settle criminal charges. Salame was charged with conspiracy to make unlawful political contributions, defrauding the Federal Election Commission, and conspiracy to operate an unlicensed money-transmitting business. He pleaded guilty in September 2023 and is currently out on a $1 million bond.
FTX Digital Markets and Bankruptcy
FTX Digital Markets was the Bahamian subsidiary of FTX Trading Ltd., a leading cryptocurrency exchange managed by Sam Bankman-Fried. The company went bankrupt in November 2022. During his tenure at FTX Digital Market, Salame handled the exchange’s political donations, particularly to the Republican Party amongst others.
Bankman-Fried’s Conviction and Appeal
In November 2023, Sam Bankman-Fried was convicted on seven different counts of fraud following a trial that saw several FTX and Alameda Research employees testify against him. Last week, Bankman-Fried filed to appeal his 25-year prison sentence for fraud and conspiracy charges.
Conclusion
The forfeiture of Salame’s Bahamas residence marks a significant development in the ongoing FTX fraud scandal. As legal proceedings continue, the crypto industry will be watching closely for further developments and their potential implications.