Ryan Salame, the former CEO of FTX’s Bahamian division, will transfer ownership of his $5.9 million Bahamas home to the platform’s creditors as part of restitution.
The executive has agreed to claims amounting to $5.6 million, as outlined in a petition by FTX Trading Ltd and other stakeholders.
In September 2023, Salame pleaded guilty to criminal charges related to the collapse of the cryptocurrency exchange. The charges involve conspiracy to make unlawful donations and conspiracy to operate an unlicensed money-transmitting business.
Salame’s sentencing is scheduled for May 28, 2024. According to media reports, U.S. prosecutors have suggested probation instead of imprisonment for the former CEO of the Bahamian division.
In November 2022, two days before FTX filed for bankruptcy, Salame alerted local authorities to potential fraud.
He is the fourth executive to plead guilty. Prior to him, former Alameda Research head Caroline Ellison, FTX CTO Gary Wang, and the exchange’s head of engineering Nishad Singh agreed to cooperate with the authorities.
Earlier, former FTX CEO Sam Bankman-Fried was sentenced to 25 years in prison.
In April 2024, SBF‘s lawyers filed an appeal. He intends to contest all seven counts of money laundering, fraud, and conspiracy.