Ex-FTX Executive To Plead Guilty To Criminal Charges

Vignesh Karunanidhi
Ex-FTX Executive To Plead Guilty To Criminal Charges
Source: Berkshire Magazine

In a significant development surrounding the collapse of the FTX exchange, former FTX executive Ryan Salame is gearing up to enter a guilty plea. This latest report by Bloomberg, citing sources familiar with the case, underscores the latest update in the ongoing FTX saga.

Ryan Salame, once co-chief executive of FTX Digital Markets, is scheduled to make his plea in Manhattan federal court this Thursday afternoon. This move follows extensive negotiations with prosecutors, and it marks the fourth plea from an FTX executive.

Salame’s plea comes less than a month before SBF’s trial

The timing of Salame’s plea is noteworthy, occurring less than a month before FTX co-founder Sam Bankman-Fried’s trial. Salame, who oversaw the company’s Bahamas subsidiary, has been under intense scrutiny throughout the sweeping criminal and regulatory investigations. Notably, during his tenure at FTX, he emerged as a prolific political donor, contributing a staggering $24 million in support of various US politicians.

Salame had already come under federal investigation in July, with allegations of potential campaign finance law violations tied to his involvement with Michelle Bond’s congressional campaign. The focus of the investigation has been to ascertain whether Salame and Michelle Bond illegally circumvented federal limits on campaign contributions for Bond’s 2022 campaign.

Also read: Former FTX Executive Under Federal Investigation for Potential Campaign Laws Violation

According to records from the Federal Election Commission, Bond’s roughly three-month campaign received substantial backing from Salame, individuals associated with the cryptocurrency industry, and her personal funds.

The name “FTX” has been prominently hovering around since the end of 2022. The empire’s collapse sent shockwaves through the entire market, marking it as one of the largest failures in the history of the crypto industry.