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Ryan Salame, the ex-co-CEO of FTX’s Bahamian subsidiary, is reportedly preparing to file a guilty plea in federal court in Manhattan. This Thursday’s presentation is a part of the continuing inquiry into the collapsed digital currency exchange. This development comes just over a month before FTX co-founder Sam Bankman-Fried’s trial.
Ryan Salame Under Scrutiny
Salame’s guilty plea comes at a critical juncture, less than a month before Sam Bankman-Fried’s trial. This shifts the focus back to the many criminal and regulatory probes in which FTX has been involved. In addition, inquiries had focused on Salame because of the $24 million he had donated to political campaigns.
Additionally, the federal government has previously investigated Salame, primarily for possible breaches of campaign financing legislation. These were associated with his role in Michelle Bond’s 2022 congressional race. As a result, federal officials have been trying to ascertain if Salame and Bond evaded contribution restrictions set by the government.
Admission of Guilt at FTX
The confession from Salame will be the fourth from an FTX official. In December 2022, the federal government accused Caroline Ellison and Gary Wang of fraud, and both pled guilty. Former FTX director of engineering Nishad Singh has also entered a guilty plea this year.
Ryan Salame will testify before U.S. District Judge Lewis Kaplan, who also presides over the case against Bankman-Fried. However, Bankman-Fried, who is blamed for the collapse of the exchange via charges of fraud and conspiracy, has pleaded not guilty. Before the collapse of FTX, he had become a billionaire partly owing to the quick growth in the value of cryptocurrencies such as Bitcoin.
With his guilty plea, Ryan Salame may impact the future trial of FTX’s co-founder and the regulatory atmosphere for crypto exchanges more generally. The magnitude of FTX’s demise guarantees that Salame’s next court appearance will get a great deal of attention from both the crypto and mainstream media.
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