Advertisement
Singapore markets closed

  • Straits Times Index

    3,332.80
    -10.55 (-0.32%)
     

  • Nikkei

    39,583.08
    +241.54 (+0.61%)
     

  • Hang Seng

    17,718.61
    +2.14 (+0.01%)
     

  • FTSE 100

    8,164.12
    -15.56 (-0.19%)
     

  • Bitcoin USD

    60,779.98
    +156.63 (+0.26%)
     

  • CMC Crypto 200

    1,262.45
    -21.38 (-1.66%)
     

  • S&P 500

    5,460.48
    -22.39 (-0.41%)
     

  • Dow

    39,118.86
    -45.20 (-0.12%)
     

  • Nasdaq

    17,732.60
    -126.08 (-0.71%)
     

  • Gold

    2,336.90
    +0.30 (+0.01%)
     

  • Crude Oil

    81.46
    -0.28 (-0.34%)
     

  • 10-Yr Bond

    4.3430
    +0.0550 (+1.28%)
     

  • FTSE Bursa Malaysia

    1,590.09
    +5.15 (+0.32%)
     

  • Jakarta Composite Index

    7,063.58
    +95.63 (+1.37%)
     

  • PSE Index

    6,411.91
    +21.33 (+0.33%)
     

Another prison sentence issued in the case of bankrupt crypto exchange FTX

Investing.com
·1-min read

Investing.com - Following the confirmation of the prison sentence for FTX founder Sam Bankman-Fried, Ryan Salame, who served in FTX's Bahamas unit and was the co-president of FTX Digital Markets, has become the second individual to be sentenced to prison in the case.

Judge Lewis Kaplan sentenced Salame to 7.5 years in prison and three years of supervised release. Prosecutors had requested a five-year prison sentence for Salame.

What are billionaire investors investing in? Find the answer on InvestingPro! Use the code KAZAN now to register with a discount of up to 20%.

In recent years, Ryan Salame was accused of making illegal contributions to campaigns in the United States and engaging in unlicensed money transfer activities.

ADVERTISEMENT

Salame, who did not speak against Bankman-Fried, is known to have cooperated with prosecutors. The court also accused the senior executive of helping to conceal gaps in FTX's balance sheet and thereby contributing to the exchange's collapse. Additionally, records show that Salame withdrew approximately $5 million from FTX while the exchange was going bankrupt.

In his defense, Ryan Salame apologized to FTX customers and his family while insisting on his good intentions. However, he admitted that his methods were entirely illegal.

Verdict awaited for three other senior FTX executives

In the ongoing case, attention has now turned to the sentences for three other senior FTX executives.

These executives are co-founder Gary Wang, chief technology officer Nishad Singh, and CEO of FTX's hedge fund Alameda Research, Caroline Ellison. All three executives accepted the charges and cooperated with prosecutors before the trial began, and as part of the agreement, they testified against Sam Bankman-Fried.

Related Articles

Another prison sentence issued in the case of bankrupt crypto exchange FTX

LAKE (LAK3) to Highlight RWA Blockchain Innovations for Water at Consensus 2024

'We'd All Be Rich': Peter Schiff Delivers Unexpected Bitcoin Prediction