- The FBI raided the home of former FTX executive Ryan Salame yesterday.
- Salame made $24 million in campaign contributions to US politicians during the midterm elections.
- Sam Bankman-Fried has been accused of violating campaign finance laws.
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Former FTX Digital Markets co-CEO Ryan Salame is being investigated for the role he played in Sam Bankman-Fried’s empire. He is currently under investigation for $24 million in political contributions he made during the 2022 midterm elections.
Violation of Campaign Finance Laws
The fallout from the FTX collapse continues.
According to the New York Times, the Federal Bureau of Investigation invaded the $4 million Washington DC home of former FTX executive Ryan Salame on Thursday morning.
Salame joined FTX sister company Alameda Research as head of OTC trading in November 2019. He became co-CEO of FTX Digital Markets—FTX’s Bahamian business entity—shortly after the company moved from Hong Kong to the Bahamas, in 2021. FTX’s bankruptcy The team claims that, as one of Sam Bankman-Fried’s most trusted advisers, Salame pocketed at least $87 million in bonuses and loans from Alameda.
Salame is under investigation for donating more than $24 million in campaign contributions to US politicians during the 2022 midterm elections. The Justice Department said FTX executives (notably Salame, FTX co-founder Sam Bankman-Fried, and former FTX head of engineering Nishad Singh) gave more than $90 million donations with funds originally belonging to FTX customers. While Bankman-Fried has publicly donated $46.5 million over the past two years to political entities affiliated with the Democratic Party, Salame has made contributions to Republican candidates for Bankman-Fried.
Prosecutors have yet to file any charges against Salame. Bankman-Fried herself was indicted on thirteen criminal charges, including fraud, conspiracy, violation of campaign finance laws, and violation of anti-bribery provisions. He has currently pleaded not guilty to all counts. Other members of Bankman-Fried’s inner circle—including Singh, FTX co-founder Gary Wang, and former Alameda Researcher Caroline Ellison—pleaded guilty to various charges of fraud and money laundering, and is reportedly cooperating with US authorities.
Disclosure: At the time of writing, the author of this piece owns BTC, ETH, and other crypto assets.