Former FTX Co-CEO Ryan Salame’s Prison Sentence Cut Short

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FTX Fallout Update: Former Co-CEO Ryan Salame’s Prison Sentence Cut Short

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 27, 2024

Key Takeaways

Ryan Salame’s prison term was reduced by a year, with his release set for March 2031;
His defense argued asset forfeitures were sufficient punishment, but a 7.5-year sentence stood;
Judge Kaplan cited FTX's financial impact to justify the 90-month sentence despite Salame’s plea.

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FTX Fallout Update: Former Co-CEO Ryan Salame’s Prison Sentence Cut Short

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Ryan Salame, a former co-founder of FTX Digital Markets, is set to leave prison in March 2031.

According to the Bureau of Prisons, Salame's original release date of April 2032 has been reduced by one year. Following his release, he will be under supervised monitoring for three years.

In May 2024, Salame was sentenced to 7.5 years in prison. His defense team initially pushed for a shorter sentence of 18 months, arguing that the forfeiture of his assets was a sufficient penalty.

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They claimed Salame was unaware of the fraudulent activities at FTX. In a May 14 court filing, they stated, "Ryan, who was not part of Sam Bankman-Fried’s innermost circle, was unaware of the crimes at the center of this case".

Salame’s legal troubles began in September 2023, when he admitted guilt to conspiracy charges related to running an unlicensed money-transmitting business and violating campaign finance laws.

Prosecutors originally recommended a sentence of 5 to 7 years, but Judge Lewis A. Kaplan increased it to 90 months. The judge pointed to the seriousness of the crimes and the financial damage caused by FTX’s collapse as justification for the longer sentence.

Meanwhile, Gary Wang, a former FTX co-founder, recently walked free with time served after his role in the company’s collapse. What's the reason behind this ruling? Read the full story.