Author: Turner Wright, CoinTelegraph; Translated by: Tao Zhu, Golden Finance
It’s been nearly two years since cryptocurrency exchange FTX and trading firm Alameda Research collapsed, leading to market uncertainty, a regulatory crackdown and criminal charges against those involved.
Former FTX CEO Sam “SBF” Bankman-Fried, the exchange’s head and alleged mastermind behind Alameda, was one of the first executives to face jail time. However, he was the only one of five individuals indicted in U.S. federal court to plead not guilty and have his case heard by a jury in a high-profile trial.
As of this post, Bankman-Fried is facing a possible 25 years in prison in a cell at the Metropolitan Detention Center in Brooklyn. A federal judge issued his ruling on March 28, but SBF's legal team has filed a notice of appeal of his conviction and sentence. He is expected to remain in New York to participate in the legal proceedings.
Ryan Salame
As the FTX executive who alerted Bahamian regulators to possible fraud at the cryptocurrency exchange, Ryan Salame and his legal troubles are arguably the most high-profile, second only to Bankman-Fried’s.
Unlike others indicted for their roles at FTX and Alameda, Salame did not testify at SBF’s 2023 criminal trial, but instead pleaded guilty to conspiracy to operate an unlicensed money transmitting business and engaging in campaign finance fraud. In May, Judge Lewis Kaplan sentenced the former FTX Digital Markets co-CEO to 90 months in prison.
Unlike other FTX executives, Salame began posting regularly on social media after being sentenced, often making accusations against his former colleagues — but without providing evidence. He was initially scheduled to report to prison on August 29. After authorities charged his partner, Michelle Bond, with violating campaign finance laws, Salame petitioned a judge to void his plea agreement with prosecutors.
As of this posting, Salame is expected to report to jail on October 13. If Judge Kaplan accepts his request to vacate his guilty plea, he could face a criminal trial.
Gary Wang 和 Nishad Singh
FTX co-founder Gary Wang was one of the first individuals indicted to plead guilty to wire fraud, securities fraud, and commodities fraud in December 2022. Former FTX director of engineering Nishad Singh followed in February 2023, pleading guilty to similar charges.
Both former executives testified at SBF’s trial about the misuse of user funds between FTX and Alameda at the direction of Bankman-Fried. Many legal experts speculated that Wang and Singh may receive reduced sentences due to their cooperation with authorities.
Barring legal battles over Salame’s motion, Singh’s sentencing hearing is scheduled for Oct. 30. Wang’s sentencing hearing is scheduled for Nov. 20.
Caroline Ellison
The former CEO of Alameda Research is perhaps one of the most secretive individuals involved in the FTX fiasco. Like Singh and Wang, Caroline Ellison pleaded guilty to fraud charges in 2022 following the collapse of the cryptocurrency exchange.
However, on the eve of Bankman-Fried’s trial, prosecutors applied to revoke his bail, in part because he allegedly intimidated Ellison by sharing some of her private diaries with The New York Times. Judge Kaplan revoked SBF’s bail in August 2023, the last time the former FTX CEO was free.
Some online sleuths have tried to locate Ellison, but it's unclear where she might be awaiting sentencing or what she's doing in the meantime. As of Aug. 29, no sentencing hearing had been scheduled for the former Alameda CEO, who could face several years in prison.
