FTX executive Ryan Salame has had his prison sentence reduced by over a year, with his new release date set for March 2031.
Ryan Salame, a former top executive at failed cryptocurrency exchange FTX, checked into federal prison in October to begin serving his 7.5-year sentence for his role in the collapse of Sam Bankman-Fried’s multi-billion dollar crypto empire.
However, according to a report from Business Insider, Salame’s release date has suddenly been moved forward by more than a year. Federal Bureau of Prisons records show Salame is now scheduled to be released on March 1, 2031, just over a year earlier than his original sentence.
Salame pleaded guilty in May 2023 and began serving his sentence at the Federal Correctional Institution in Cumberland. He was deeply involved in Bankman-Fried’s dealings and was among other FTX executives who pleaded guilty in connection with the fraud scheme. While the exact reason for the narrow sentence remains unclear, the report said Salame’s lawyers did not respond to requests for comment.
In 2019, Ryan Salame became part of Alameda Research after meeting with Bankman-Fried at a blockchain conference. Alameda Research was FTX’s hedge fund that used its proprietary technology and trading platform to trade thousands of digital assets, including major coins, non-fungible tokens and altcoins. Salame also became CEO of FTX’s Bahamas subsidiary.
In 2022, FTX crashed due to mismanagement of funds, lack of liquidity and the large volume of withdrawals. FTX filed for bankruptcy because it was unable to process all customer transactions due to…
