Former FTX executive Ryan Salameh has been sentenced to over seven years in prison by a federal judge for his involvement in the collapse of crypto tycoon Sam Bankman Freed’s crypto exchange in 2022.
Salameh, 30, who was an executive at FTX and co-CEO of FTX Digital Markets, pleaded guilty to illegal U.S. election contributions and operating an unlicensed money transmitting business last year.
The sentence of seven and a half years in prison and three years of probation was more severe than the prosecutors’ recommendation of five to seven years.
Although Salameh was not a key player in the case against Bankman Freed, he assisted the prosecution by providing documents. Salameh admitted to aiding Bankman Freed in hiding FTX’s financial discrepancies and making illegal campaign contributions.
Judge Kaplan criticized Salameh for withdrawing $5 million in cryptocurrencies from FTX during bankruptcy and attempting to extract more money. Salameh apologized for his actions and expressed remorse for his unlawful conduct.
Salameh acknowledged his wrongdoing and stated that he is on a path to redemption. Three other FTX executives, including Caroline Ellison, Gary Wang, and Nishad Singh, are awaiting sentencing for their roles in the exchange’s collapse.
Source: www.theguardian.com
