Former FTX Executive Pleads Guilty in Ongoing Criminal Prosecution

Former FTX executive, Ryan Salame, has admitted guilt in Federal Court for his involvement in the collapse of FTX, resulting in the loss of billions of dollars. Salame was formerly the co-CEO of FTX’s subsidiary in the Bahamas.

This latest guilty plea marks the fourth among FTX members, complicating the upcoming trial of former FTX CEO and founder, Sam Bankman-Fried.

Salame had faced accusations of channeling funds towards political candidates in order to gain favor with policymakers. While Bankman-Fried was known for supporting Democratic politicians, Salame had donated millions to Republicans.

According to the NYPost, Salame had previously worked for Ernst & Young and stablecoin issuer, Circle, before joining FTX.

Bankman-Fried is set to face trial next month, where he may encounter challenges while defending against fraud allegations. The trial is anticipated to reveal further insights from former FTX executives.

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