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Former FTX Executive Ryan Salame Sentenced To 7.5 Years In Prison
Former FTX executive and Sam Bankman-Fried (SBF) associate Ryan Salame has been sentenced to 7.5 years in prison and a combined total of $11 million in forfeiture and restitution for criminal charges stemming from his time at SBF’s crypto exchange following a Tuesday morning hearing.
Background of the Case
In October 2023, Salame pleaded guilty to operating an illegal money-transmitting business and making unlawful political contributions related to the crypto exchange. However, he refused to cooperate with federal prosecutors, potentially resulting in a longer-than-recommended sentence for his crimes.
Legal Proceedings and Sentencing
Salame had originally requested an 18-month prison sentence, while U.S. prosecutors pushed for the former head of FTX’s Bahamian subsidiary, FTX Digital Markets, to get five to seven years.
“Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law,” said U.S. Attorney Damian Williams.
Salame’s sentence was imposed by Judge Lewis A. Kaplan, who recently ordered SBF himself to pay an $11 billion penalty and serve 25 years in prison for orchestrating the crypto scheme in March.
Future Legal Actions
In addition to Salame, FTX’s former Head of Engineering Nishad Singh, Alameda Research CEO Caroline Ellison, and FTX co-founder Gary Wang are all expected to be sentenced sometime in the upcoming calendar year.
Salame has been ordered to complete three years of supervised release after his time in prison.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
