News

Former FTX Exec’s $4 Million House Searched By FBI: Report

Key Points:

  • The FBI raided former FTX CEO Ryan Salame’s Potomac, Maryland home.
  • There is presently no information available on what the FBI was looking for at Salame’s $4 million property.
  • Salame was the co-CEO of FTX Digital Markets, the affiliate in the Bahamas.
The residence of former FTX co-CEO Ryan Salame has allegedly been examined by the FBI as the executive faces more investigation for his close advising position to Sam Bankman-Fried.
Former FTX Exec's $4 Million House Searched By FBI: Report 2

According to a story in The New York Times on April 27, citing sources familiar with the situation, the Bureau searched Salame’s $4 million house in Potomac, Maryland, on the morning of April 27.

There is presently no information available on what the FBI was hoping to discover at Salame’s residence. It is still unknown what the authorities were searching for. Salame was the co-CEO of FTX Digital Markets, FTX’s affiliate in the Bahamas. He also worked at Alameda Research and, together with Gary Wang and Caroline Ellison, became a part of Sam Bankman-Fried’s inner circle.

Authorities are investigating Salame’s $24 million in political contributions during last year’s midterm elections, alleging that the bulk of the overall $90 million contributed by ex-FTX employees—including to Republican Congressman George Santos’ campaign—was stolen from customer money.

Salame was the fourth-largest receiver of these payments, receiving $87 million in total compensation. Former engineering director Nishad Singh and co-founder Gary Wang got $587 million and $246 million, respectively, from Bankman-Fried.

FTX’s new management, led by attorney and bankruptcy specialist John Ray III, stated at the time that it would be further investigating its rights to pursue potential legal action against the recipients and their subsequent transferees and that ongoing efforts would result in the identification of additional assets, liabilities, and transfers.

Prosecutors believe that Bankman-Fried recruited personnel, including Salame, who joined the business in 2021, to serve as proxies for his company and give tens of millions of dollars to both Republican and Democratic politicians.

The raid comes amid a long-running federal probe into the exchange’s collapse, which occurred in a spectacular manner last November. Former FTX CEO Sam Bankman-Fried has been charged by US authorities, and a number of FTX insiders have all agreed to cooperate as the case progresses toward a formal trial. FTX was valued at $32 billion before its demise. On many counts of money laundering, conspiracy, and wire fraud, Bankman-Fried risks life in prison.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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