Gushiken Yona
As Caroline Ellison faced sentencing for her role in the FTX collapse, former FTX digital Markets co-CEO Ryan Salame took to X (formerly Twitter) not to offer condolences, but to deflect blame and defend former boss Sam Bankman-Fried (SBF).
In a series of tweets, Salame pointedly claimed that Ellison, not SBF, was the one who directed him to make political contributions. “Quick reminder that between SBF and Caroline, only one of them ever directly asked me to make a political contribution and it was Caroline,” he wrote, adding in a separate tweet, “you can ask people to make donations, that’s not illegal… just SBF never asked me to once.”
He also offered a cynical take on the justice system, tweeting, “‘It doesn’t matter if you’re guilty or innocent, you basically can’t beat the government at trial’ is what the most expensive lawyers in America tell their clients.” When challenged by a follower who pointed out the disparity between his sentence and Ellison’s, given her central role in the fraud and the billions in restitution she owes, Salame retorted sarcastically, “Yah my mistake, should have stolen everyone’s money so I could go to jail for substantially less time. For everyone saying I didn’t cooperate that’s patently wrong, I just didn’t lie during my proffers to save myself.”
Inside a New York federal courtroom, the weight of the FTX implosion settled onto the shoulders of 29-year-old Ellison. The former Alameda Research CEO, who had admitted to playing a key role in the multi-billion dollar fraud, stood before Judge Lewis Kaplan to receive her sentence.
She received a 2-year sentence, a stark outcome despite Ellison’s cooperation with prosecutors in the case against SBF. Judge Kaplan acknowledged Ellison’s remorse and the fact that she had been exploited by Bankman-Fried, but stressed that her cooperation, while significant, wasn’t a free pass.
The legal net cast over the FTX wreckage continued to ensnare its former executives. Salame, once a high-ranking figure within the collapsed cryptocurrency empire, found himself on the receiving end of a 90-month prison sentence, coupled with an order to pay over $11 million.
His cooperation with authorities, which included providing crucial testimony against Sam Bankman-Fried, seemingly offered little reprieve. Meanwhile, the legal battles extended beyond Salame himself.
Prosecutors pursued charges against his fiancée, Michelle Bond, a former crypto lobbyist and congressional candidate, alleging she illegally funded her campaign using FTX funds channeled through Salame. The severity of Salame’s sentence and the ongoing prosecution of Bond underscored the far-reaching consequences of the FTX fraud, a saga that culminated in the conviction and 25-year prison sentence of FTX founder Sam Bankman-Fried.
Read More
- Caroline Ellison Could Avoid Prison, Probation Report Recommends ‘Supervised Release’ and No Fine
- Caroline Ellison Seeks Leniency, Casts Herself as Victim in FTX Saga
- After the Gavel Fell: What Fate Awaits SBF Lieutenants Ellison, Singh, and Wang?
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
