Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
FTX Collapse: Salame Requests Lenient Sentence, Claims Innocence

FTX Collapse: Salame Requests Lenient Sentence, Claims Innocence

CoineditionCoinedition2024/05/15 12:46
By:Abdulkarim Abdulwahab
  • FTX’s Ryan Salame seeks an 18-month term, citing cooperation with authorities.
  • Legal team says Salame’s life and career are already deeply impacted by the FTX scandal.
  • His request comes after FTX founder Sam Bankman-Fried received a 25-year sentence.

Ryan Salame, a former executive at the now-bankrupt cryptocurrency exchange FTX, has requested a lenient 18-month prison sentence in connection with the fraud case surrounding the company’s collapse. Salame, who pleaded guilty to criminal fraud charges, is seeking leniency based on his cooperation with law enforcement and his allegedly lesser role in FTX’s operations.

On Tuesday, Salame’s legal team filed a sentencing memorandum outlining his responsibilities at FTX and Alameda Research. The memorandum emphasizes that Salame’s duties primarily focused on operational tasks such as overseeing customer wire deposits, fiat currency conversions, and leading charitable efforts in the Bahamas. His attorneys argue that this distanced him for the core fraudulent activities that ultimately led to the collapse of FTX.

The memorandum maintains that Salame was unaware of the alleged conspiracy among FTX and Alameda’s top leadership to mislead and steal from customers. “Mr. Salame did not steal from anyone. He did not lie to customers,” his attorneys stated. 

Salame’s legal team further asserts that he was himself deceived by his colleagues. Upon realizing the alleged fraud’s scope, Salame was reportedly the first to notify Bahamian authorities, transpiring their investigation into FTX.

Salame’s cooperation reportedly extended to voluntarily providing crucial documents to the U.S. Attorney’s Office voluntarily, without requiring a subpoena. His attorneys also highlight the ongoing media scrutiny and public criticism Salame faces as a form of lifelong punishment. They argue that his association with Sam Bankman-Fried and FTX will permanently damage his future employment prospects.

The request for leniency, comes after a federal court in the U.S. sentenced Sam Bankman-Fried to 25 years imprisonment for his role in the FTX fraud case. Like Salame, other former FTX executives, including Caroline Ellison and Gary Wang, have also pleaded guilty to charges. They are reportedly negotiating plea deals with U.S. authorities in exchange for reduced sentences.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

US equities reverse losses as inflation data, key earnings report loom

Nvidia is scheduled to report its Q4 earnings on Wednesday afternoon

Blockworks2025/02/25 07:22

Ethereum Faces Worst February Since 2018 Amid Market Pressure

Ethereum risks its worst February if it falls below $2400, with macroeconomic factors adding to the pressure. Can ETH recover?Historical Trends vs. Current Market ConditionsMacroeconomic Uncertainty Weighs on ETHWhat’s Next for Ethereum?

Coinomedia2025/02/25 07:11

Fear Signals a Bullish Move: Are You Ready?

Bullish markets often start with fear, while bear markets begin in euphoria. Are we at the start of a new bullish leg up?The Role of Fear in Bullish Market TrendsEuphoria: The Silent Start of a Bear MarketWhere Are We Now?

Coinomedia2025/02/25 07:11

Trader Bets Big on SOL: $2M Long With 3x Leverage

A trader deposited $2M USDC to Hyperliquid and opened a 3x leveraged long on SOL at $142.54. Will this risky move pay off?High-Stakes Bet: $2M Long on SOLCan SOL Hold Above the Liquidation Price?Market Implications

Coinomedia2025/02/25 07:11