Former FTX Digital Markets CEO, Ryan Salame, is embarking on a memoir-writing journey to document his time working for SBF’s now-defunct cryptocurrency exchange, as revealed in a recent post by the former FTX executive. Salame expressed his dedication to capturing his experiences managing FTX’s subsidiary in the Bahamas, as well as his early days at Alameda Research, FTX’s sister company. He also mentioned that he will not be keeping any proceeds from the book once it is published and is currently awaiting publishers’ responses, with hopes of releasing it as soon as possible.
This news follows Salame’s recent sentencing to over seven and a half years in prison, along with an $11 million penalty, for criminal charges related to his involvement in the crypto exchange. Despite his refusal to cooperate with U.S. prosecutors, Salame initially pleaded guilty to operating an illegal money-transmitting business and making unlawful political contributions in connection with the crypto exchange in October 2023. He is the first to be sentenced among others involved in the crimes, including Sam Bankman-Fried, who received a 25-year prison sentence and an $11 billion fine in March.
In the meantime, the FTX estate has announced a repayment plan that claims to offer 98% of creditors a 118% return on their claims. However, not all victims of the $8 billion crypto scam are satisfied with the results. Some creditors are unhappy with the estate’s assessment of certain claims, especially considering the recent recovery of the crypto market. Activist and FTX creditor, Sunil Kuvari, has revealed that a group of FTX victims are pursuing a class-action lawsuit against law firms Sullivan and Cromwell and Fenwick and West for their alleged involvement in facilitating the massive digital asset fraud. Kuvari has also reported that SBF has agreed to join the FTX creditors’ lawsuit.
Salame, who has been active on social media since his sentencing, expressed regret in a recent post, stating that if he had sold off his crypto assets instead of borrowing against them from Alameda, he might have avoided his prison sentence. In response, Kuvari offered to discuss the possibility of Salame joining the lawsuit in a post on May 29.
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