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Crime and Investigations

Former FTX CEO Pleads Guilty in Billion-Dollar Scandal

Former FTX CEO Pleads Guilty in Billion-Dollar Scandal

In the midst of heightened anticipation within the cryptocurrency industry, Ryan Salame's court hearing took place in Manhattan's federal court.

This event followed an FBI raid on the former CEO of FTX Bahamas’ residence. The conjectures leading up to the trial were substantiated as Salame opted to reach a plea agreement with the court.

Judge Lewis Kaplan, who presided over the proceedings, is also slated to oversee the case involving FTX founder Sam Bankman-Fried. During the hearing, the judge presented a list of charges, encompassing allegations of conspiring to defraud the Federal Elections Committee, making illicit campaign contributions, and operating an unlicensed money transmission enterprise.

In addition to his guilty plea, Salame consented to forfeit $6 million to the United States government upon sentencing and relinquishing two properties in Lenox, Massachusetts, and a Porsche automobile. The cumulative worth of Salame’s surrendered assets tallies up to an astonishing $1.5 billion.

Furthermore, Salame agreed to make restitution payments totaling $5 million to FTX’s creditors. By entering into a plea agreement, he waived his right to appeal any sentence imposed within the stipulated guideline of 120 months.

READ MORE: Millionaire Investor Loses $24M to Crafty Crypto Scammers

Salame acknowledged that he had previously disguised over $10 million in political contributions as loans that he never intended to repay. He also mentioned that Sam Bankman-Fried had endorsed these contributions. Towards the conclusion of his statement, Salame admitted that he was aware of the illegality of his actions.

Ryan Salame’s statement could potentially have a significant impact on the Sam Bankman-Fried case, as Salame pleaded guilty to all the charges articulated by Judge Kaplan in the courtroom. As part of his release, the judge granted Ryan Salame bail on the condition of posting a $1 million bond with two co-signers.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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