Former FTX executive Ryan Salame has been sentenced to more than seven years in prison for his involvement in the 2022 collapse of the cryptocurrency exchange. Salame, who was a co-CEO of FTX Digital Markets, pleaded guilty to illegal campaign contributions and running an unlicensed money-transmitting business.
Despite prosecutors asking for five to seven years, Judge Kaplan sentenced Salame to seven and a half years in prison. Salame cooperated with prosecutors, providing documents that aided in the case against Sam Bankman-Fried, the cryptocurrency mogul at the center of the collapse.
Salame assisted Bankman-Fried in hiding financial discrepancies at FTX and facilitated illegal campaign contributions. The judge criticized Salame for withdrawing millions in cryptocurrencies as the exchange failed, putting his own interests above those of customers.
Before his sentencing, Salame expressed remorse and a desire for redemption. Three other FTX executives are awaiting sentencing for their roles in the collapse, having cooperated with prosecutors.
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