Gushiken Yona
Former FTX Digital Markets Co-CEO Ryan Salame, currently serving a 7.5-year sentence for his involvement in the FTX collapse, is now projected to be released over a year earlier than initially scheduled, according to Federal Bureau of Prisons (BOP) records.
Sentence Reduction and Good Conduct Time
Salame, who began his sentence at the Federal Correctional Institution (FCI) in Cumberland, Maryland, in October 2023, is now slated for release on March 1, 2031. Salame’s sentence reduction came after he pleaded guilty in 2023 to charges related to the multi-billion-dollar fraud scheme orchestrated by FTX founder Sam Bankman-Fried.
Federal records initially indicated a 7.5-year sentence. The updated release date suggests a reduction of over a year. A BOP spokesman stated that incarcerated individuals could earn Good Conduct Time (GCT) under the 2018 First Step Act.
“Every incarcerated individual earns Good Conduct Time (GCT), which is projected on their release date,” the spokesman explained. The BOP “continues to pro-rate the amount of GCT earned for the final year of service of the sentence,” he added.
Salame’s Role in the FTX Collapse
Salame, once a key figure in Bankman-Fried’s inner circle, served as Co-CEO of FTX Digital Markets. In 2019, Salame joined Alameda Research, FTX’s affiliated hedge fund, after meeting Bankman-Fried at a blockchain conference.
However, in the lead-up to his sentencing, Salame took to social media to defend Bankman-Fried and redirect blame towards Caroline Ellison, former CEO of Alameda Research. In a series of posts on X (formerly Twitter) in September, Salame claimed that Ellison, not Bankman-Fried, 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, further stating, “you can ask people to make donations, that’s not illegal… just SBF never asked me to once.” He also expressed a cynical view of 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 confronted about the perceived leniency of his sentence compared to Ellison’s, considering her central role and substantial restitution obligations, Salame retorted, “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.”
Salame was one of several top FTX executives, including Caroline Ellison, former CEO of Alameda Research, to plead guilty to charges related to the FTX fraud. The case continues to underscore the importance of regulatory oversight and due diligence in the cryptocurrency industry, as investors and regulators grapple with the fallout from one of the largest financial scandals in recent history.
Read More
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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.
