Top FTX Executive Receives 90-Month Prison Sentence for Betraying Sam Bankman-Fried

Ryan Salame, a former top executive at FTX, a cryptocurrency exchange, has been sentenced to seven and a half years in prison. He was also ordered to have three years of supervised release. Salame was involved in a scheme where he spent millions of dollars on real estate and made large donations to Republican candidates during the 2022 election cycle. Salame raised concerns to Bahamian authorities before FTX filed for bankruptcy in 2022, suggesting that the founder, Sam Bankman-Fried, might have committed fraud by moving customer money to another company. Despite this, Salame did not testify during Bankman-Fried's trial. The U.S. attorney emphasized the seriousness of Salame's actions, stating that they damaged public trust in elections and the financial system. Salame is the first of Bankman-Fried's team to be sentenced since FTX's bankruptcy. The collapse of FTX led to legal troubles for several top executives, including Salame. He pleaded guilty to violating campaign finance laws and operating an unlicensed money transmitting business. Salame's sentence was longer than what prosecutors had recommended, and he now faces years in prison for his involvement in illegal activities.