Former FTX Executive Is Locked-In on LinkedIn and Federal Prison

Former FTX co - CEO Ryan Salame has update his LinkedIn visibility with a newfangled role : a captive in a federal correctional institute . “ I ’m happy to share that I ’m bulge out a fresh status as Inmate at FCI Cumberland ! ” Hesaid in a postabove an animated prototype celebrate his new position .

Salame ’s caper story include clock time at a cluster of honored crypto business . He worked the crypto OTC trading desk at Circle , was the head of OTC at Alameda Research ( one of the branches of FTX ) and finally became the co - CEO of FTX Digital Markets . Now he ’s added another line to the listing : Inmate , full - time , at FCI Cumberland . His acquisition ? Cleaning and whittling .

Salame was part of the executive leading team of FTX where he worked closely with founding father Sam Bankman - Fried and chief engineer Nishad Singh . FTX was a crypto success tale , for a while , but it work out the company was robbing Peter to pay Paul . Now most of its executive are in poky .

Ryan Salame, former co-chief executive officer of FTX Digital Markets Ltd., arrives at federal court in New York, US, on Thursday, Sept. 12, 2024. Salame, who is due to start serving a 7 1/2-year prison sentence in October, abandoned a bid to withdraw his guilty plea over claims that prosecutors reneged on a deal not to charge his girlfriend in a campaign finance case.

In September of last year , Salame pleaded hangdog to using FTX ’s cash to donate tens of trillion of dollars to political campaigns on both sides of the aisle . The finish was to get pol to pass crypto - friendly legislation . According to the Justice Department , Salame and FTX made more than $ 300 million in political contributions and rest about where the money came from .

“ Ryan Salame agreed to advance the interests of FTX , Alameda Research , and his Colorado - conspirators through an unlawful political influence cause and through an unlicensed money transmitting business , which helped FTX farm quicker and larger by operating outside of the practice of law , ” U.S. Attorney Damian Williams saidin a statementabout Salame ’s sentencing . “ Salame ’s involvement in two serious federal criminal offence undermined public trustfulness in American election and the integrity of the fiscal system . Today ’s time underscores the substantial consequences for such umbrage . ”

Salame is 30 and if he ’s in the can for his full conviction , he wo n’t get to update his LinkedIn visibility again for more than seven years . In accession to the time behind bars , Salame agreed to forfeit $ 1.5 billion and pay an additional $ 6 million forfeiture and more than $ 5 million in restitution .

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Image via LinkedIn.

Salame is one of the harsher sentences handed down in the backwash of the prostration of FTX . Bankman - Fried was sentenced to25 yearsin prison house and ordered to forfeit $ 11 billion . His on - again - off - again girl and head of Alameda Research , Caroline Ellison , wassentenced to two years . Singh and executive Gary Wang are still hold off to hear their luck , which the courts will pass down on October 20 and November 20 severally .

We ’ll have to see their LinkedIn profile to see how well they take it .

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