Multiple reports have indicated that Ryan Salame, a former FTX executive, has pleaded guilty today in Federal Court for his activities surrounding the failure of FTX, which saw billions of dollars lost. Salame was at one point the co-CEO of the FTX subsidiary that operated in the Bahamas.
This makes the fourth FTX to accept a guilty plea, which makes former FTX CEO and founder Sam Bankman-Fried’s upcoming trial more difficult for him.
Salame had been caught up in allegations that he had funneled money to political candidates, ostensibly to curry favor with policymakers. While Bankman-Fried was known for showering Democrat politicians with money, Salame had donated millions to Republicans.
The NYPost notes that Salame had previously worked for Ernst & Young and stablecoin issuer Circle before joining FTX.
Bankman-Fried is expected to head to trial next month, where he may face an uphill battle as he attempts to defend the allegations of fraud. It will be interesting to see what former FTX executives spill during the trial.
