Ryan Salame sacrifices $5.9M Bahamas mansion for crypto readers! 🏠💰

FTX Co-CEO to Transfer $5.9 Million Bahamas House to Settle Charges 🌴

Former co-CEO of FTX Digital Market Ryan Salame is facing criminal charges and has agreed to transfer a $5.9 million house he owns in the Bahamas to settle the case. The U.S. Bankruptcy Court for the District of Delaware revealed the details in a recent filing.

Background of the Case

Ryan Salame, the former co-CEO of FTX Digital Markets, is involved in a criminal case known as United States v. Salame.
FTX Digital Markets was a subsidiary of FTX Trading Ltd., a major cryptocurrency exchange managed by Sam Bankman-Fried.
Salame’s responsibilities at FTX Digital Market included managing the exchange’s political donations, notably to the Republican Party.

Salame is currently out on a $1 million bond for violating campaign finance laws and running an unlicensed money-transmitting business. The charges against him include conspiracy to make unlawful political contributions, defrauding the Federal Election Commission, and operating an unlicensed money-transmitting business.

House Transfer Agreement

Salame will transfer a residence he owns in the Bahamas, specifically Unit No. 3A in the Marina Residences at Albany Building 10 Condominium.
The house has been appraised at $5,900,000, which exceeds the amount required for restitution.
FTX DM, acting by the JOLs, will receive the property as a nominee for the Debtors.

In a landmark trial last fall, several individuals testified against Bankman-Fried, including FTX co-founder Gary Wang, FTX’s former Head of Engineering Nishad Singh, and Ellison. Salame will be the first of Bankman-Fried’s co-conspirators to face legal consequences, with his sentencing scheduled for May 28.

SBF Appeals Fraud Conviction and Sentence 📑

Last week, it was revealed that Bankman-Fried has filed an appeal against his conviction and sentence for fraud and conspiracy charges. In the court filing, his legal team formally submitted the appeal to challenge his 25-year prison sentence following the FTX fraudster’s high-profile trial.