The FTX case continues to grow with a new manager of the platform who has just decided to plead guilty.
FTX, which at the time of its bankruptcy was the second largest cryptocurrency platform in the world, continues to drag its former leaders down. One month before the trial of his ex-manager Samuel Bankman-Fried (SBF), his former associate Ryan Salame has decided to plead guilty.
Two charges retained
And 4! After Caroline Ellison, Gary Wang and Nishad Singh, a fourth FTX executive decides to plead guilty. This is Ryan Salame, who accepted responsibility for two charges brought against him: one for conspiracy to make illegal political contributions, and a second for conspiracy to make unauthorized money transfers .
For these two charges, he faces a total of 10 years in prison. In this case, he agreed to pay a sum of 6 million euros in compensation and to sell two properties, a business and a Porsche. If he breaches his agreement, the court could force him to pay a monstrous sum of $1.56 billion in return. His trial is scheduled for March 6, 2024.
Another pebble in SBF’s shoe?
“ I have made political contributions in my name that were funded by transfers from an Alameda affiliate », Explained Ryan Salame to the judge. He adds that he knew “ that the loans would ultimately be canceled and [qu’il n’aurait] never to pay them back “.
If this information comes at a bad time for Samuel Bankman-Fried, whose trial will take place next October, it should be noted that Ryan Salame should not cooperate with the authorities against his former boss, unlike the three other officials cited at the beginning of the item.
SBF, for its part, was the only one to plead not guilty to the 8 charges to which it will have to respond on October 3. The cumulative total of the sentence he faces is 115 years in prison. Will the clients, some of whom have lost real fortunes, learn more during the upcoming discussions before the court?
Source : ArsTechnica
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