Former FTX Exec Pleads Guilty, Seeks Leniency in Election Fraud Case as Locked SOL Assets Auctioned

  • Ryan Salame seeks 18-month leniency for FTX involvement and cooperation in US government probe.
  • Salame faces charges for facilitating political and charitable contributions through Alameda Research funds.
  • FTX estate auctions locked Solana (SOL) assets to Pantera Capital amid impending case closure.

Ryan Salame, the former CEO of the now-defunct cryptocurrency exchange FTX, has asked the court for leniency after pleading guilty last year. Due to his role in running the exchange, Salame is facing two major charges. 

Read CRYPTONEWSLAND on Google News google news

He was a member of the team that coordinated political contributions using Alameda Research funds and led charitable donations in the Bahamas. Salame was involved in wire deposits and fiat currency conversions on the distressed cryptocurrency exchange

Despite his guilty plea, Salame’s attorneys are arguing for a reduced sentence of 18 months in prison. They contend that Salame assisted the US authorities in their investigation and his cooperation could have a big effect regarding how he is sentenced. Salame is anticipated to forfeit properties he acquired while working at FTX, per court documents. 

Salame has consented to give up to $6 million before his sentencing as part of the plea agreement. Salame may receive a sentence of up to ten years in prison if the regulations are followed but with his cooperation he might get a lighter sentence.

Those impacted by the collapse of the exchange might find some relief from the sentences handed down to former FTX officials. In the meantime, FTX officials are working to refund customers who were affected. Fund managers led by Pantera Capital will be the auctioneers of locked Solana (SOL) assets from the FTX estate.

The impending closure of the FTX case serves as a precedent for other cryptocurrency exchanges. More transparent crypto regulations are being passed by authorities around the world and governments are moving quickly to meet the demand for digital assets from institutional investors. The conclusion of the FTX case is intended to prevent incidents of a similar nature from occurring in the future.

Read Also

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

related posts