Price: $0.19500 -2.6156%
Market Cap: 28.61B 1.1443%
Volume (24h): 4.13B 0.2%
Dominance: 1.1443%
Price: $0.19500 -2.6156%
Market Cap: 28.61B 1.1443%
Volume (24h): 4.13B 0.2%
Dominance: 1.1443% 1.1443%
  • Price: $0.19500 -2.6156%
  • Market Cap: 28.61B 1.1443%
  • Volume (24h): 4.13B 0.2%
  • Dominance: 1.1443% 1.1443%
  • Price: $0.19500 -2.6156%
Home > Information news > Former FTX Exec. Ryan Salame To Face 7 Yrs Sentencing, Here’s All

Former FTX Exec. Ryan Salame To Face 7 Yrs Sentencing, Here’s All

Release: 2024/05/22 17:05 Reading: 756

Original author:Coingape News Media

Original source:https://coingape.com/?p=198100

Former FTX Exec. Ryan Salame To Face 7 Yrs Sentencing, Here’s All

Ryan Salame Faces Potential Prison Sentence

Ryan Salame, a former executive at the defunct cryptocurrency exchange FTX, could face a prison sentence of five to seven years. Prosecutors are seeking this penalty due to Salame's involvement in one of the largest campaign finance offenses in American history and his role in operating an unlicensed money-transmitting business.

Prosecutors Seek Severe Penalty

Federal prosecutors have requested a significant prison sentence for Salame, arguing that his crimes warrant substantial punishment. In a sentencing memo filed in Manhattan federal court, they cited Salame's actions in enabling FTX to accept over $1 billion in customer deposits without proper licensing as part of a scheme that contributed to FTX's collapse.

Defense Advocates for Lighter Sentence

Salame's lawyers are seeking a lighter sentence of no more than 18 months. They highlight his early cooperation with authorities in the Bahamas, his efforts to alert them about potential fraud within FTX, and his personal circumstances, including his substance abuse treatment and his desire to start anew with his family.

First Sentencing in FTX Case

Salame's case marks the first sentencing of a top lieutenant of FTX co-founder Sam Bankman-Fried, who was sentenced to 25 years in prison earlier this year. Salame played a key role in the operations that led to FTX's downfall, joining its sister hedge fund, Alameda Research, in 2019 and becoming the CEO of FTX's Bahamian subsidiary in 2021.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.