FTX Executive Ryan Salame Gets One-Year Sentence Reduction

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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December 25, 2024

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Ryan Salame, a former executive of the now-defunct FTX cryptocurrency exchange, had one year shaved off his prison sentence, as first reported by Business Insider on Thursday.

Initially sentenced to over seven years for his role in FTX’s collapse, Salame is now set to serve just over six and a half years, as confirmed by Federal Bureau of Prisons records.

The adjustment comes after Salame reported to prison in Cumberland, Maryland, this past October.

Ryan Salame’s Prison Time Adjusted for Good Behavior

Federal policies allow inmates to earn sentence reductions through demonstrated good behavior while incarcerated.

Salame appears to have benefited from these provisions, leading to the updated sentence length.

As the former CEO of FTX Digital Markets, the Bahamian subsidiary of FTX, Salame pleaded guilty in September 2023 to charges of making unlawful political contributions and operating an unlicensed money transmission business.

However, controversy arose earlier this year when Salame attempted to withdraw his guilty plea.

He alleged that federal prosecutors had promised not to charge his partner, former Congressional candidate Michelle Bond, if he cooperated with the U.S. government.

This claim raised concerns of perjury with Judge Lewis A. Kaplan, who presided over the case.

Salame’s Legal Battle: Guilty Plea and Controversy Over Michelle Bond

Salame last made headlines when he appeared in an interview with Tucker Carlson before reporting to prison.

During the interview, Salame criticized the justice system, alleging that leniency is granted to those who conform to a desired narrative while harsher penalties are reserved for others.

“The government offers leniency to those who support their narrative, leaving others too intimidated to speak out,” Salame told Carlson.

He also pointed to the relatively light two-year sentence of Caroline Ellison, the former Alameda Research CEO, despite her central role in FTX’s fraudulent operations.

Former FTX Executives Face Sentencing Amid Bankman-Fried’s Conviction

Salame has repeatedly taken to X to express his grievances over the judicial process following FTX’s detrimental collapse in November 2022.

“People lied in SBF’s trial. That doesn’t mean he’s innocent, but it’s truly problematic,” Salame wrote, adding, “You aren’t aware how corrupt the legislative process is (more to come).”

The fallout from FTX’s collapse in November 2022 has led to varying sentences for its top executives.

Alongside Salame, FTX’s former head of engineering Nishad Singh and chief technical officer Gary Wang were sentenced to time served, effectively avoiding further prison time.

Meanwhile, Bankman-Fried faces a 25-year sentence for orchestrating one of the largest financial frauds in cryptocurrency history.