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Ryan Salame, former co-CEO of FTX Digital, pleaded guilty in September 2023 to campaign finance violations and operating an unlicensed money-transmitting business.
Despite admitting his guilt in court, Salame, in a series of recent interviews before beginning his seven-and-a-half-year prison sentence, has asserted his innocence. In a twist that has left many puzzled, Salame claims, “I don’t think I did anything criminally wrong,” while residing in a federal prison in Maryland.
A report by DLNews noted Salame’s narrative as an attempt to reconcile his guilty plea with his belief that he acted legally, further complicated by his unpublished 180,000-word memoir. He hopes to tell his side of the FTX collapse with a focus on facts, aided by a ghostwriter recommended by acclaimed author Michael Lewis. His memoir reflects a man grappling with a broken career and the legal missteps that led him to where he is today.
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Conflicted Guilty Plea and Legal Missteps
Ryan Salame, unlike his former colleagues at FTX, including Sam Bankman-Fried, Caroline Ellison, and Gary Wang, chose not to testify during Bankman-Fried’s high-profile trial in 2023. While the rest of FTX’s inner circle faced federal charges and testified, Salame took a different path. Despite his insistence that he was unaware of the fraud at FTX and Alameda Research, prosecutors identified him as a key player in fraudulent dealings, including securing an account at Silvergate Bank for FTX.
Salame also blames his legal representation for his predicament, stating that his actions were guided by lawyers who assured him of their legality. He reflects on the legal advice he followed, arguing, “Had I not gone to lawyers, I think I would be in a drastically better position.” This dissatisfaction with his legal defense has led him to hire new attorneys to manage his defense from prison.
Seeking Vindication
In the weeks leading up to his prison sentence, Ryan Salame shared his regrets about his time at FTX. From bad legal advice to his inability to confront Bankman-Fried earlier, Salame’s story is one of missed opportunities and mounting regrets. He recalls the personal toll of the FTX collapse, receiving desperate messages from customers who lost their funds in the exchange’s implosion.
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Despite his defiance, Ryan Salame is now beginning his sentence, with hopes that his narrative may one day shift public perception. As he enters the next chapter of his life behind bars, the former crypto executive remains a complex figure in the FTX saga—pleading guilty, yet striving for vindication.
