Ryan Salame, the former head of the Bahamian division of the cryptocurrency exchange FTX, has arrived at a federal prison in Cumberland, Maryland, to begin serving his sentence, according to The Block.
Previously, the former executive joked about having an “exciting week” ahead. He added that he hadn’t “made friends at camp” in 20 years and hoped his hacking skills would come in handy.
In late May, the Southern District of New York court sentenced the former CEO of FTX Digital Markets to 90 months (7.5 years) in prison. The convicted individual is also required to pay $6 million in forfeiture and over $5 million in restitution.
In July, a judge allowed a delay in the start of his prison term to October 13 due to a “German shepherd bite” that required surgery, preventing him from reporting to prison on the originally scheduled date of August 29.
In September 2023, Salame pleaded guilty to criminal charges related to the collapse of FTX, including conspiracy to make unlawful donations and operating an unlicensed money-transmitting business.
Earlier, his lawyers requested an 18-month prison sentence for their client, but the prosecution demanded a harsher penalty.
In November 2022, two days before FTX filed for bankruptcy, the executive warned Bahamian authorities of a potential scam.
Co-founder and former CEO of the exchange, Sam Bankman-Fried (SBF), was found guilty on all charges by a jury in November 2023. In March 2024, he was sentenced to 25 years in prison. SBF’s lawyers appealed the court’s decision.
Prior to Salame, former Alameda Research head Caroline Ellison, FTX CTO Gary Wang, and the exchange’s head of engineering Nishad Singh also agreed to plead guilty.