Coin Edition -
- The FBI carried out a raid at the residence of former FTX executive Ryan Salame.
- Salame’s attorney reportedly handed over information related to his political contributions to prosecutors before the raid.
- The purpose of the raid remains unclear. Salame has been under scrutiny for his political contributions.
Former FTX executive Ryan Salame’s residence was recently raided by the Federal Bureau of Investigation (FBI). The raid has become the latest development in the U.S. Department of Justice’s investigation into the attempts by FTX’s top management to wield political influence before the crypto exchange’s collapse last year.
According to the New York Times, FBI agents reached Ryan Salame’s residence in Potomac, Maryland to execute a search warrant of the premises. The reason for the raid remains unclear. Salame was known to be a top aide and trusted lieutenant of FTX founder Sam Bankman-Fried.
People familiar with the investigation revealed that Salame’s attorney had communicated with prosecutors on his behalf and shared information related to his campaign finance activities ahead of the FBI raid. The FTX executive was a high-profile political donor with millions of dollars in campaign contributions.
Ryan Salame served as the Co-Chief Executive Officer of FTX Digital Markets, which was the Bahamas-based entity of FTX International. Prior to that, he was the Head of OTC for APAC at Alameda Research, Sam Bankman-Fried’s quantitative trading firm which was headed by Caroline Ellison.
Salame came under scrutiny last year for his political contributions, following the collapse of FTX in November. He reportedly shelled out more than $24 million during the previous election cycle, with most of it going to Republican candidates. Meanwhile Bankman-Fried spent well over $50 million to support Democratic candidates and PACs.
As far as criminal charges are concerned, Salame has not been charged or accused of any wrongdoing yet. He reportedly tipped-off Bahamian regulators about comingling of funds at FTX and Alameda amid the exchange’s collapse last year. Meanwhile, other members of Bankman-Fried’s inner circle, including Caroline Ellison and Gary Wang, faced criminal charges until they pled guilty and agreed to testify against their former boss.
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