🚨 "Crypto King's Right-Hand Man Gets 7-Year Jail Term!"
Ryan Salame, former co-CEO of FTX Digital Markets Ltd., has been sentenced to 90 months in prison for his role in the collapse of the cryptocurrency giant FTX. He admitted guilt to breaking campaign finance laws and running an illegal money-transferring business last September.
Salame, once a key figure under FTX's founder Sam Bankman-Fried, was found guilty of fraud and conspiracy charges linked to FTX's downfall, described as one of America's biggest financial fraud cases. Prosecutors sought 5 to 7 years, but he received a longer sentence.
Apart from prison time, Salame faces three years of supervised release and must pay over $6 million in forfeiture and $5 million in restitution. His conviction adds to the string of guilty pleas from other top FTX executives.
FTX, once a major crypto exchange, collapsed amid financial troubles in 2022, leading to Bankman-Fried's conviction for embezzling $8 billion. The case has shaken public trust in financial systems and elections.
Stay tuned for more crypto sights! 👍
📢Remember: A lot of hard work goes into providing you with the best investment articles. Your generous tips would empower our mission and help us work even harder to give you the best investment advice.
