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Ex-FTX Exec Ryan Salame Released on $1M Bond After Guilty Plea: Report

2 mins
Updated by Kyle Baird
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In Brief

  • Former FTX Digital Markets co-CEO Ryan Salame was released on a $1M bond after admitting to serious charges in court.
  • Salame pleaded guilty to campaign finance laws and operating an unlicensed money-transmitting business.
  • Judge Kaplan stated Salame can't appeal any sentence shorter than 10 years, and must pay $6 million to the US.
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After reportedly pleading guilty during his court appearance on September 7, Ryan Salame, former co-CEO of FTX Digital Markets, has been released on a $1 million bond with the support of two co-signers.

Following the confessions, Judge Kaplan reportedly stated,

“You will pay to the US $6 million by the time you are sentenced and give up two properties in Lenox Mass and a Porsche auto.”

Ryan Salame’s Guilty Plea Could Lead To A Decade In Prison

According to Inner City Press’ X (formerly Twitter) thread, following his guilty plea, Salame secured release under specific conditions. This includes a $1 million bond and the requirement of two guarantees to ensure his court appearances.

Judge Kaplan has pushed back sentencing for Salame until March 6. Salame reportedly pleaded guilty to campaign finance laws and operating FTX as “an unlicensed money transmitting business.”

To learn more about the downfall of FTX, read BeInCrypto’s guide: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

Kaplan explains that both charges carry a maximum prison sentence of five years, and these sentences must be served consecutively.

Salame allegedly pleaded guilty to the charges:

“I made $10 million in political contributions and called them loans, which I never intended to repay, this was supported by Sam Bankman-Fried. I knew it was prohibited.”

FTX Executives Entering Pleas Continue to Grow

Kaplan reportedly stated that Salame would not be able to appeal any sentence shorter than 10 years. “Under this plea agreement, you are waiving any right to appeal any sentence below the stipulated guideline of 120 months. Do you understand?”

BeInCrypto recently reported that this marks the fourth instance where a senior FTX executive has entered a plea.

On December 21, 2022, Caroline Ellison, the former girlfriend of Bankman-Fried, willingly entered a guilty plea. She committed to providing full cooperation to the Southern District of New York’s investigation into FTX.

Additionally, Gary Wang, the former co-founder of FTX, has confessed to a variety of criminal charges. In February, FTX’s former engineering director, Nishad Singh, entered guilty pleas to six fraud charges.

Meanwhile, Bankman-Fried is in jail and continues to declare his innocence.

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
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