Former FTX Boss Ryan Salame Gives up $5.9M Bahamas House
Former co-CEO of FTX Digital Market Ryan Salame is to transfer a $5.9 million house he owns in the Bahamas to settle criminal charges.
In a filing, the U.S. Bankruptcy Court for the District of Delaware said, Salame the former co-CEO of FTX Digital Markets in the criminal case United States v. Salame, will forfeit the house under his plea agreement.
FTX Digital Markets was the Bahamian subsidiary of FTX Trading Ltd., a leading cryptocurrency exchange managed by Sam Bankman-Fried which went bankrupt in November 2022. While at FTX Digital Market, Salame handled the exchange’s political donations, particularly to the Republican Party amongst others.
Currently, Salame is out on a $1 million bond after pleading guilty in September 2023 to violating campaign finance laws and operating an unlicensed money-transmitting business.
The filing states Salame was charged with conspiracy to make unlawful political contributions, defrauding the Federal Election Commission and conspiracy to operate an unlicensed money-transmitting business.
“Following constructive, arm’s-length negotiations, Salame and the Debtors have agreed that in lieu of Salame paying the Restitution Amount to the Debtors in cash, Salame will satisfy the Restitution Amount by transferring a residence he owns in the Bahamas, Unit No. 3A in the Marina Residences at Albany Building 10 Condominium (the “Residence”), to FTX DM, acting by the JOLs, as nominee for the Debtors. As discussed below, the Residence has recently been appraised at $5,900,000, which exceeds the Restitution Amount.” — from the U.S. Bankruptcy Court for the District of Delaware filing, May 1, 2024.
In November 2023, Bankman-Fried was convictedon seven different counts of fraud following a gruelling
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