NewsletterBreaking: Ex-FTX Exec Ryan Salame Fined $1.5B
Amid much anticipation in the crypto industry Ryan Salame’s hearing was held at the federal court in Manhattan after the FBI raided the residence of the ex-FTX Bahama CEO. All the speculations leading up to the case proved true when Salame agreed to enter a plea agreement with the court.
Also Read: Breaking: Former FTX Executive Ryan Salame to Plead Guilty
The Charges
Judge Lewis Kaplan, who presided over the case, is also set to oversee the case of FTX founder Sam Bankman-Fried. The Judge read the list of charges that included conspiracy to defraud the Federal Elections Committee, Campaign Contributions, and operating an unlicensed money transmitting business.
Salame also agreed to forfeit to the US while paying $6 million when he is sentenced and surrendering two properties in Lenox, Mass, and a Porsche car. The total value of Salame’s surrendered assets amounts to a whopping $1.5 billion.
Salame also agreed to make restitution payments that amount to $5 million to the FTX debtors. As Salame signed a plea agreement, he waved away rights to appeal any sentence under the stipulated guideline of 120 months.
Also Read: Just-In: Fintech Owner Uses Bitcoin Scheme To Launder Drug Money Via Binance
Salame’s Revelations
Salame agreed to previously making over $10 million in political contributions, disguising them as loans that he did not intend to pay. He also mentioned that Sam Bankman-Fried supported the contributions. Towards the end of the statement, Salame added he knew what he did was prohibited.
The statement by Ryan Salame could prove to be groundbreaking in the Sam Bankman-Fried case. Salame had at the end pleaded guilty to all the charges recited by Judge Kaplan in the Court. The Judge released Ryan Salame on bail on the terms of a $1 million bond and two co-signers.
Also Read: Breaking: FTX Founder Bankman-Fried Appeals Pretrial Detention Ruling
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Do Kwon Faces Up to 12 Years in Prison Over ‘Colossal’ Role in $40B TerraUSD Collaps
- ProShares Drops 3x Bitcoin, Ethereum, XRP ETF Plans After SEC Pushback
- Bitcoin Eyes Fresh Demand as Indiana Advances Bill for Crypto Investments
- Crypto Bill Markup Unlikely This Month Amid DeFi, Stablecoin Yield and Conflict Disputes, Expert Says
- Breaking: U.S. PCE Inflation Rises To 2.8%, Bitcoin Falls
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
- Is Cardano Price at Risk of a 50% Crash Ahead of the Midnight Launch?
- Is Chainlink Price Headed for $20 as Reserves Pass 1M LINK?
- Ethereum Price Breaks Out of Falling Wedge: Next Target Now Set at $5K
