BTC

$96160.131

-2.55%

ETH

$3364.231

-2.64%

XRP

$2.169

-4.59%

BNB

$689.7

-1.96%

News

Former FTX Executive Gets Prison Sentence Reduced by More Than a Year

14 hours ago - Around 2 mins mins to read

Key Points:

  • Former FTX executive Ryan Salame, initially sentenced to 7.5 years for his role in FTX’s fraud, is now set for release on March 1, 2031.
  • Salame pleaded guilty to charges involving illegal campaign donations and operating an unlicensed money transmission business.
According to Business Insider, former top executive Ryan Salame of the now-collapsed cryptocurrency exchange FTX has had more than a year cut off his prison time.
Former FTX Executive Gets Prison Sentence Reduced by More Than a Year

Read more: FTX Investors Are Now Giving Bankman-Fried a Chance To Reduce His Prison Sentence

Jail Time of Former FTX Executive Ryan Salame Knocked Off Over a Year

Salame was originally sentenced to 7.5 years in May 2023. Federal Bureau of Prisons records now reflect his expected release date to be March 1, 2031. He started serving in October at the Federal Correctional Institution in Cumberland, Maryland.

The former FTX executive pleaded guilty to FTX and founder Sam Bankman-Fried‘s fraudulent activities and illegal campaign fund donations, along with operating an unlicensed money transmission business.

Salame’s reduced sentence may be related to the 2018 First Step Act, which permits inmates good conduct time for exemplary service. Qualifying individuals could reduce their sentence by up to 54 days per year served under the law.

First Step Act Benefits for Former FTX Executive

The Bureau of Prisons said all inmates are entitled to GCT and that it is pro-rated for the last year of a sentence. However, the agency would not comment on Salame’s case. His lawyers did not return requests for comment.

Salame was a key member of Sam Bankman-Fried’s inner circle. A U.S. court sentenced the latter to 25 years in prison for orchestrating a multi-billion-dollar plot to scam investors. Other executives, including Caroline Ellison of the defunct crypto exchange FTX, also pleaded guilty in the aftermath of its 2022 implosion.

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.

Former FTX Executive

FTX

Ryan Salame

Sam Bankman-Fried

Author

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.