Former FTX Digital Markets Co-CEO Ryan Salame Surrenders $5.9 Million Bahamas House to Settle Criminal Charges
The U.S. Bankruptcy Court for the District of Delaware has disclosed that Ryan Salame, the former co-CEO of FTX Digital Markets, will transfer ownership of a $5.9 million house in the Bahamas to settle criminal charges against him. This decision is part of Salame’s plea agreement in the case United States v. Salame.
FTX Digital Markets, a subsidiary of FTX Trading Ltd. managed by Sam Bankman-Fried, went bankrupt in November 2022. Salame, during his tenure at FTX Digital Markets, oversaw the exchange’s political donations, including those to the Republican Party.
Currently out on a $1 million bond, Salame pleaded guilty in September 2023 to violating campaign finance laws and operating an unlicensed money-transmitting business. He faced charges of conspiracy to make unlawful political contributions, defrauding the Federal Election Commission, and conspiracy to operate an unlicensed money-transmitting business.
According to the filing from the U.S. Bankruptcy Court, Salame and the Debtors have agreed that instead of paying the Restitution Amount in cash, Salame will transfer ownership of his Bahamas residence, Unit No. 3A in the Marina Residences at Albany Building 10 Condominium, to FTX Digital Markets. The residence has been appraised at $5,900,000, exceeding the Restitution Amount.
Salame is set to be sentenced on May 28, becoming the first of Bankman-Fried’s co-conspirators to face legal consequences for their involvement in the crypto scandal.
Meanwhile, Sam Bankman-Fried has filed an appeal against his conviction and sentence for fraud and conspiracy charges. His lawyers have formally requested a review of his 25-year prison sentence following his trial last fall.
