Bank

United

Bitcoin ETF

Bitcoin

The former co-chief executive of FTX Digital Markets, Ryan Salame, has agreed to transfer his multimillion-dollar property in the Bahamas as part of his plea agreement in a criminal case.
According to a motion from FTX Trading Ltd and affiliated debtors <a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MzEwMjcwOQ==&amp;id2=-1" target="_blank" rel="noopener noreferrer nofollow">filed</a> with the United States Bankruptcy Court for the District of Delaware on May 1, Ryan Salame has agreed to give up a $5.9 million house he owns in the Bahamas.
Salame pleaded guilty to criminal charges in September 2023 and his plea agreement required him to pay $5.6 million in restitution to the debtors.
Instead of paying cash, Salame proposes to satisfy the restitution by transferring a residence he owns to <a href="https://cointelegraph.com/news/ftx-lawyers-zero-out-customer-claims-sam-coins" rel="noopener noreferrer nofollow">FTX</a> Digital Markets Ltd.
“Salame will satisfy the Restitution Amount by transferring a residence he owns in the Bahamas, Unit No. 3A in the Marina Residences at Albany Building 10 Condominium, to FTX DM,” the filing read.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/af470ced-fd30-4e75-9c86-5a39c8a4417a.jpg">
 <figcaption style="text-align: center;">Marina Residences at Albany. Source: Albanybahamas.com
 </figcaption>
</figure>
The debtors argued that this is in their best interests as it avoids Salame having to sell the residence quickly at a discount, which could negatively impact their ability to monetize other Bahamian properties.
In 2023, Bahamian realtors <a href="http://www.tribune242.com/news/2023/apr/20/cooling-high-end-real-estate-sales-drop-20-25/" target="_blank" rel="noopener noreferrer nofollow">reported</a> that high-end sales volumes had dropped by as much as 25%. Meanwhile, Australian real estate firm Properstar <a href="https://www.properstar.com.au/the-bahamas/house-price" target="_blank" rel="noopener noreferrer nofollow">reported</a> that apartment prices there have fallen 28% over the past 12 months.
Salame was charged with conspiracy to make unlawful political contributions and defraud the Federal Election Commission, and conspiracy to operate an unlicensed money-transmitting business.
Related: <a href="https://cointelegraph.com/news/sentencing-former-ftx-exec-ryan-salame-moved-may-28" rel="noopener noreferrer nofollow">FTX co-CEO Salame's sentencing moved to end of May</a>
The filing also revealed that Salame agreed to purchase the property in September 2021 for $7.2 million and the 10% deposit was wired from an Alameda Research account at Silvergate Bank.
In November of that year, FTX DM wired $8.1 million from its bank account at Fidelity Bank in the Bahamas to Salame’s real estate attorney to pay the balance of the purchase price.
In March 2022, Salame and Alameda entered into a promissory note whereby he agreed to pay the $8.1 million to Alameda. However, FTX and Alameda imploded in early November 2022 with bankruptcy filings coming shortly after.
Salame’s sentencing is currently scheduled for May 28, 2024. Former FTX CEO Sam Bankman-Fried was <a href="https://cointelegraph.com/news/sam-bankman-fried-sentenced-years-prison-hold" rel="noopener noreferrer nofollow">sentenced</a> to 25 years in <a href="https://cointelegraph.com/news/crypto-figures-prison-2024" rel="noopener noreferrer nofollow">prison</a> in late March.
Magazine: <a href="https://cointelegraph.com/magazine/hong-kong-bitcoin-etf-launch-in-top-20-strk-scam-suspect-busted-asia-express/" rel="noopener noreferrer nofollow">Hong Kong Bitcoin ETF launch in ‘top 20%’, STRK scam suspect busted: Asia Express</a>

Former FTX exec Ryan Salame to give up $5.9M Bahamas property

Cointelegraph

Other articles published on May 3, 2024

Expert Analyst’s Predictions for Bitcoin (BTC), Solana (SOL), and Enecuum (ENA): Time to Hold!

Bitcoin climbs above $60k after US labor market report

Major Crypto Tokens Scheduled for Release

Netherlands Detains Suspect in Crypto Fraud Case

Will Bitcoin Price Continue to Rise?

Compared to Estimates, Riot Platforms, Inc. Q1 Earnings: A Look at Key Metrics

Join our free newsletter for daily crypto updates!