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In a stunning turn of events, Ryan Salame, the former co-CEO of FTX Digital Markets, a subsidiary of the now-collapsed cryptocurrency exchange FTX, has admitted to making unlawful campaign contributions to U.S. politicians. The guilty plea comes as part of a wider scandal involving the exchange, leading to its bankruptcy in November 2022.
Salame, the fourth former FTX executive to plead guilty in connection with this controversy, has implicated FTX founder Sam Bankman-Fried and other executives in a conspiracy to funnel FTX customer funds into political donations totaling millions of dollars.
Salame, aged 30, conceded to one count of conspiracy to make illegal political contributions and another count of conspiracy to operate an unlicensed money-transmitting business. He now faces the prospect of up to a decade behind bars and a staggering fine of up to $1.6 billion, double the amount of his illicit donations.
Former FTX CEO Attempted to “Weed Out” Anti-Crypto Lawmakers
Prosecutors allege that Salame divulged Bankman-Fried’s intention to financially support candidates favorable to the cryptocurrency industry while attempting to “weed out” anti-crypto lawmakers. Salame, in his role as a conduit, directed over $24 million to Republican candidates and causes during the 2022 election cycle, firmly establishing himself as one of the cycle’s top donors.
Additionally, he contributed $2.5 million to the Senate Leadership Fund and another $2 million to the Congressional Leadership Fund, both of which support Republican congressional candidates.
As the FTX saga unfolds, Bankman-Fried himself faces a slew of charges, including fraud, money laundering, and campaign finance violations. His current incarceration stems from allegations of witness tampering, which led to the revocation of his bail.
Salame’s sentencing is scheduled for March 6, 2024, following his release on a $1 million bond. His legal counsel expressed his client’s desire to move beyond this tumultuous chapter and begin anew. Nevertheless, this development underscores the ongoing scrutiny of the cryptocurrency sector and its intersection with the political landscape.
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