FTX Executive Ryan Salame Faces 5-7 Years in Prison
CryptoNewsTerminal Staff22 May, 2024
FTX Executive Ryan Salame Faces 5-7 Years in Prison
Ryan Salame, the former co-CEO of FTX's subsidiary, FTX Digital Markets, is facing a 5 to 7-year prison sentence, according to Bloomberg. Salame pleaded guilty to one count of conspiracy to commit wire fraud related to illegal political donations and one count of conspiracy to commit commodities fraud. The prosecution stated that "Salame accepted responsibility for his offenses, and a substantial sentence is necessary to deter him and others from engaging in similar misconduct." Salame's sentencing is scheduled for Feb. 28. This news follows a string of other high-profile arrests and indictments related to the collapse of FTX, including the arrest of former FTX CEO Sam Bankman-Fried. The company's downfall has sent shockwaves through the cryptocurrency industry and has raised questions about the regulation of digital assets.
