Key Takeaways:
- Former FTX executive Ryan Salame begins his 90-month prison sentence at FCI Cumberland on October 11, 2024, for his role in the FTX collapse.
- Salame pled guilty to running an unlicensed money-transmitting business and campaign finance violations, with $600K in improper cryptocurrency withdrawals during the FTX crisis.
- Salame plans to study law during his sentence, citing dissatisfaction with his prior legal defense.
Ryan Salame, a former executive at FTX, began his 90-month prison sentence on October 11, 2024, at FCI Cumberland, Maryland.
He was sentenced for his involvement in the 2022 collapse of FTX, pleading guilty to operating an unlicensed money-transmitting business and campaign finance violations in 2023.
Ryan Salame who worked alongside Sam Bankman-Fried, is set to report to federal prison in Maryland on Friday. He will serve a sentence of 7.5 years.
— Entrepreneur (@Entrepreneur) October 11, 2024
"I'm happy to share that I'm starting a new position as Inmate at FCI Cumberland!"https://t.co/rQ7Jw7aOzf
Salame had attempted to delay his sentence start due to medical treatment for a dog bite, but his request was denied by Judge Lewis Kaplan.
Despite the prison term, Salame updated his social media to reflect his inmate status.
In an interview with Laura Shin on the Unchained podcast, Salame admitted to improperly withdrawing $600,000 in cryptocurrency during the FTX crisis, with one withdrawal forfeited to the Department of Justice.
While in prison, he plans to study law to better represent himself, citing inadequate previous legal representation.
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Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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