Fourth FTX co-founder Ryan Salame agreed to pay $11 million in fines in the FTX fraud case.
FTX was a second top-level crypto exchange, before Nov 2022. In Oct 2022, a report on the FTX’s financial position by Coindesk media created a very big sensation in the crypto space, and after the first week of Nov, this exchange collapsed badly, as the majority of the customers withdrew all their funds. In the same month, the FTX team filed for bankruptcy in a US bankruptcy court along with 120+ subsidiaries including crypto hedge firm Alameda Research.
In late 2022, the investigators targeted Ryan Salame, a former high-ranking executive at the crypto exchange FTX, because evidence showed his direct connection with FTX’s former CEO Sam Bankman-Fried (SBF).
Investigations findings showed that Ryan helped to bypass the limit of political donation campaigns. He managed to send $24 million to politicians during the 2022 midterm election cycle in the Bahamas.
In the case proceedings, Ryan admitted that he falsely labelled $10 million worth of such contributions as “loans.”
The whole act helped FTX’s subsidiary to operate services more dominantly & at a big level outside the laws.
For all these unethical activities Ryan could face jail punishment for up to 10 years. As a part of the case settlement, he agreed to pay $5 million to debtors of FTX, and $6 million in fines to the government. The enforcement authorities will cease Ryan’s two Massachusetts homes and one 2021 Porsche automobile.
Before this top former FTX officials Nishad Singh, Caroline Ellison, and Gary Wang pleaded guilty in the FTX fraud case. Reportedly all these people helped to find evidence to solve the FTX fraud case & find out the main culprit.
The majority of the experts noted that the latest case of Rayn will bring more problems for the FTX co-founder SBF, whose trial is set to commence on October 3.
So far SBF pleaded not guilty to any of the fraud charges in the FTX case but recently the enforcement agencies found that SBF violated the bail bond agreement, so the court revoked his bail. As per reports, SBF was trying to interfere in the FTX fraud case witnesses.
Read also: Ripple Labs Chairman Larsen criticised SEC boss & Biden
Ryan Salame found guilty in FTX crypto exchange fraud case
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