Fun

Former FTX exec Ryan Salame to be sentenced on May 1

News Feed - 2024-02-24 03:02:32

Turner Wright5 hours agoFormer FTX exec Ryan Salame to be sentenced on May 1Out of all the individuals charged related to fraud at FTX and Alameda, Ryan Salame was the only former executive who didn’t testify at Sam Bankman-Fried’s criminal trial.1939 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksRyan Salame, the former co-CEO of FTX Digital Markets who pleaded guilty to two felony counts, will be sentenced in a New York courtroom on May 1. 


According to a docket released on Feb. 23 in the United States District Court for the Southern District of New York, Salame will appear before Judge Lewis Kaplan on May 1 to face sentencing related to his role in fraud at defunct cryptocurrency exchange FTX. In September 2023, the former FTX executive pleaded guilty to one count of making unlawful political contributions and one count of conspiracy to operate an unlicensed money-transmitting business.


Salame was charged in the same case as former FTX CEO Sam “SBF” Bankman-Fried, former Alameda Research CEO Caroline Ellison, FTX co-founder Gary Wang and former FTX engineering director Nishad Singh. He admitted in court to making $10 million in political contributions and “called them loans, which [he] never intended to repay.”Ryan Salame"s X account, which has been inactive since Nov. 6, 2022. Source: X


The charges also focused on Salame donating to the 2022 congressional campaign of his then-girlfriend, Michelle Bond. Reports suggested he also made campaign contributions on behalf of a corporation, violating U.S. law. The former FTX executive could face years behind bars following sentencing, but the U.S. Attorney’s Office has reportedly proposed probation instead of prison time.


Bankman-Fried’s sentencing in New York is scheduled for March 28 following his conviction on seven felony counts in November 2023. On Feb. 19, crypto reporter Tiffany Fong released a photo of the former FTX CEO in jail, offering a rare look at his life since his conviction.


Related:FTX Bahamas co-CEO Ryan Salame blew the whistle on FTX and Sam Bankman-Fried


None of the five crypto executives implicated in the downfall of FTX have been sentenced since prosecutors began pursuing criminal charges in November 2022. Ellison, Wang, Singh and Salame all pleaded guilty and accepted deals, while Bankman-Fried moved forward with a trial.


Salame was the only party who didn’t testify against SBF at trial. His plea agreement reportedly included roughly $6 million in penalties to the U.S. government, $5 million reimbursed to FTX debtors, and the surrender of two properties in Massachusetts and a Porsche. At the time of publication, Salame remained free on a $1 million bond until his sentencing.


Magazine:Can you trust crypto exchanges after the collapse of FTX?# Law# Cryptocurrency Exchange# Court# Crimes# FTX# RegulationAdd reactionAdd reactionRead moreProsecutors request Changpeng Zhao surrender all passports ahead of sentencingThai SEC proposes to revoke license of troubled exchange Zipmex

News Feed

Bitcoin Hurdles Over the $47K Zone, Crypto Economy Nears $2 Trillion
Bitcoin Hurdles Over the $47K Zone, Crypto Economy Nears $2 Trillion The price of bitcoin jumped over the $47K handle on Friday afternoon and at 4:15 p.m. (EDT)
Konami partners with Avalanche for Resella NFT platform launch
Ezra Reguerra4 hours agoKonami partners with Avalanche for Resella NFT platform launchKonami Digital Entertainment has teamed up with Avalanche to debut Resella, an intuitive NFT platform simplifying NFT creation, issuan
Defi Protocol Abracadabra’s Stablecoin MIM Briefly Slides to $0.91 During the Crypto Market Rout
Defi Protocol Abracadabra"s Stablecoin MIM Briefly Slides to $0.91 During the Crypto Market Rout Amid the crypto market carnage this weekend, another stablecoin slipped below the $
Solana Formally Acknowledges Problems With ‘High Compute’ Transactions Clogging the Network
Solana Formally Acknowledges Problems With "High Compute" Transactions Clogging the Network Solana, a top ten smart contracts-enabled cryptocurrency by market cap, has acknowledged
Toncoin Price Explodes With 17% Rally — Can TON Sustain The Momentum?
Este artículo también está disponible en español. Toncoin price performance has been one of the brightest spots in the cryptocurrency market in a week that has been rathe
New Online System at Mt. Gox May Be Used to Facilitate Bitcoin Refunds to Creditors, Says Trustee
New Online System at Mt. Gox May Be Used to Facilitate Bitcoin Refunds to Creditors, Says Trustee Mt. Gox’s trustee, Nobuaki Kobayashi, has asked creditors
Brayden Lindrea5 hours agoXRP ruling a ‘watershed moment,’ but we’re not out of the woods yet — LawyersThe crypto community has gathered to celebrate the recent ruling on XRP’s security status, but lawyers warn
Amaka Nwaokocha1 hour agoGoogle to protect users in AI copyright accusationsGoogle explicitly stated that only seven products fall under this legal protection, excluding Google’s Bard search tool.484 Total views3 Total
Bank of Russia to ‘Slow Down’ Payments to Crypto Exchanges, Curb Russians’ Impulsive Investments
Bank of Russia to ‘Slow Down’ Payments to Crypto Exchanges, Curb Russians’ Impulsive Investments Central Bank of Russia is now working with commercial banks in order to delay
Bitcoin mining revenue peaked at $107M on BTC halving day
Arijit Sarkar59 minutes agoBitcoin mining revenue peaked at $107M on BTC halving dayMore than 3,000 investors wanting to be a part of Bitcoin’s history spent 37.7 BTC (worth $2.4 million) in fees alone to nab their sha
12 Solana presale memecoins abandoned after just a month
Tom Mitchelhill6 hours ago12 Solana presale memecoins abandoned after just a monthThe 12 now-defunct projects raised a total of $26.7 million by way of a controversial fundraising method known as a presale.3822 Total vie
Reddit User Finds 127 Old Bitcoins at Grandpa’s House – Pockets Over $4 Million After Selling
Reddit User Finds 127 Old Bitcoins at Grandpa"s House – Pockets Over $4 Million After Selling A Reddit user says he (or she) recently regained access to the ke