As a seasoned crypto investor who has witnessed the rise and fall of numerous cryptocurrency exchanges, I can’t help but feel a mix of emotions as I reflect on the case of Ryan Salame. It’s disheartening to see someone who was once a key player in the industry find himself behind bars for his role in the FTX collapse.
On October 11, 2024, Ryan Salame, a former executive from FTX who had previously been convicted, surrendered himself to the custody of FCI Cumberland, as per prison records observed by CryptoMoon.
As a researcher documenting events, I find myself reporting that Samalem was handed a 90-month prison term in the aftermath of the 2022 FTX collapse. This sentence came following his admission of guilt to charges related to operating an unregulated money-transmission business and campaign finance irregularities in 2023.
Initially, the ex-FTX executive sought to postpone his scheduled surrender on October 11 until December 7, 2024, claiming he needed more time for ongoing medical care due to a dog bite. However, prosecutors disagreed vehemently, and Judge Lewis Kaplan rejected this request in his ruling made on October 10.
Salame unfazed by prison sentence
Regardless of Salame’s repeated efforts to postpone his prison term, the ex-FTX executive expressed a surprising calmness about serving a 7.5-year sentence.
Jokingly, Salame playfully altered his Twitter bio and LinkedIn info, suggesting he had become an inmate at the Cumberland Correctional Facility in Maryland.
The Laura Shin interview reveals all
In a podcast episode released on the same day he surrendered to prison authorities, Laura Shin from Unchained had a conversation with Salame prior to his imprisonment.
In response to queries regarding the withdrawal of approximately $600,000 in cryptocurrency during the downfall of the FTX exchange, the ex-executive admitted to Shin that it wasn’t one of his wisest decisions. He clarified that all of his wealth was invested in FTX at the time.
Salame made clear he required the funds to meet his legal costs, yet admitted it was inappropriate to make those withdrawals. Furthermore, Salame asserted that at least one of these withdrawals remained unused and was returned to the Department of Justice several weeks prior to the Unchained podcast airing.
During the interview, it was disclosed that the former executive intends to earn a law degree. Salame expressed that he doesn’t plan on pursuing a career in law but aims to become proficient in it for self-representation purposes. He believes that the legal counsel and advice he received previously was inadequate, which led to his criminal convictions.
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2024-10-13 19:11