Former FTX Digital Markets CEO, Ryan Salame, is currently in the process of writing a memoir detailing his time working for SBF’s now-defunct crypto exchange, as stated in a recent post by the former FTX executive. The memoir will cover Salame’s experiences overseeing FTX’s Bahamian subsidiary, as well as his early days at Alameda Research, the company’s sister organization. Salame expressed his intention to donate all proceeds from the book once it is published, and he is currently waiting for publishers to finalize the deal.
This news comes just a week after Salame was sentenced to seven and a half years in prison and ordered to pay an $11 million penalty for criminal charges related to his time at the crypto exchange. Despite 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 the first FTX executive to be sentenced, apart from Sam Bankman-Fried, who received a 25-year prison sentence and an $11 billion penalty earlier this year.
In the meantime, the FTX estate has recently announced a repayment plan that they claim will provide 98% of creditors with 118% of 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 valuation of certain claims, especially considering the current rebound of the crypto market.
One FTX creditor, Sunil Kuvari, has taken action by participating in a class action lawsuit against law firms Sullivan and Cromwell and Fenwick and West, accusing them of aiding and abetting the massive digital asset fraud. Kuvari has revealed that Sam Bankman-Fried has agreed to join the lawsuit, showing support for the disgruntled FTX creditors.
Since his sentencing, Salame has been actively sharing his thoughts on social media platforms. He expressed regret, stating that if he had sold off his crypto assets as originally planned instead of relying on borrowing from Alameda, he might have avoided his prison sentence. In response, Kuvari reached out to Salame, offering to discuss the possibility of him joining the lawsuit.
For more news updates, follow us on Google News.
