Former FTX Digital Markets CEO Ryan Salame is currently writing a memoir about his experiences working for Sam Bankman-Fried’s now-bankrupt crypto exchange. Salame has spent a significant amount of time chronicling his time running FTX’s Bahamian subsidiary as well as his early experiences working for its sister company, Alameda Research. He has stated that he will not be keeping any proceeds from the book once it is published and is currently waiting on publishers to release it as soon as possible.
Salame’s announcement of his memoir comes just a week after he was sentenced to over 7 and a half years in prison and ordered to pay a fine of $11 million for criminal charges related to his time at the crypto exchange. Initially pleading guilty to operating an illegal money-transmitting business and making unlawful political contributions, Salame refused to cooperate with U.S. prosecutors. He is one of the first individuals to be sentenced for crimes relating to the collapse of the exchange, with Sam Bankman-Fried himself receiving a 25-year prison sentence and an $11 billion penalty in March.
In the meantime, the FTX estate has announced a repayment plan that they claim will see 98% of creditors receiving 118% of their claims back. However, not all victims of the $8 billion crypto scam are satisfied with the results. Some creditors are unhappy with the estate’s valuation of certain claims, especially considering the recent rebound in the crypto market. FTX creditor Sunil Kuvari has reported that a number of victims are participating in class action litigation against law firms Sullivan and Cromwell and Fenwick and West for allegedly aiding and abetting the massive digital asset fraud. Sam Bankman-Fried has agreed to join the creditors’ lawsuit.
Salame, who has been vocal on social media since his sentencing, expressed regret over not selling off his crypto assets when he had intended to, which would have prevented his current situation. Kuvari responded to Salame’s post, expressing willingness to discuss with him the possibility of joining the lawsuit against the law firms involved in the FTX scandal. The situation surrounding FTX’s collapse and the subsequent legal actions taken against those involved continues to unfold, with Salame’s memoir likely shedding more light on the inner workings of the exchange.
As Salame awaits the publication of his memoir and deals with the consequences of his actions at FTX, the fallout from the exchange’s collapse continues to impact those involved. The repayment plan proposed by the FTX estate has garnered mixed reactions from creditors, with some expressing dissatisfaction over the valuation of their claims. The involvement of high-profile individuals such as Sam Bankman-Fried in legal proceedings further adds to the complexity of the situation. The ongoing legal battles and revelations from Salame’s memoir will likely shape the narrative surrounding FTX’s downfall for years to come.
