Crypto News: According to recent reports, the Federal Bureau of Investigation (FBI) executed a search warrant at the residence of Ryan Salame — a former top gun at FTX — in Maryland on Thursday morning. The search was conducted as part of a comprehensive investigation into the collapse of FTX by federal prosecutors in Manhattan which accuse ex-CEO Sam Bankman-Fried (SBF) of masterminding a fraud that included several billions of dollars, which led to the eventual demise of the crypto exchange.
Salame, who oversaw FTX’s Bahamian branch, was a trusted advisor to FTX founder Sam Bankman-Fried until the company filed for bankruptcy in December. Salame has been the subject of extreme scrutiny because of the $24 million he donated to political candidates in last year’s midterm elections.
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Data suggests Salame was one of the top political donors in the United States after contributing millions of dollars to predominantly Republican candidates and causes. The federal authorities have asserted, in documents filed with the court, that the majority of the $90 million which was donated to political candidates by a small group of former FTX employees, including Mr. Salame, was stolen from consumers of the exchange. Read More Crypto News Here…
According to the report published by New York Times, the search of Salame’s $4 million residence took place at approximately 7 in the morning and it’s not yet apparent what the motive was or what the authorities eventually found throughout the course of the search.
The raid takes place in the midst of a lengthy federal inquiry into the demise of FTX, which occurred in November of last year and shook the crypto market in and out. As the proceedings draw closer to a formal trial scheduled for October 2023, the 31-year-old crypto mogul Sam Bankman-Fried currently remains in house arrest after paying a whopping $250 million for bail. SBF has pleaded not-guilty to all counts of charges levied against him.
In the wake of this FTX news, the exchange’s native cryptocurrency FTT, witnessed a drop of roughly 1.41% in the past one hour. As things currently stand, the price of FTT is exchanging hands at $1.49 and boasts a market cap of roughly $510 million.
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