FTX Co-CEO Ryan Salame to Transfer $5.9M Bahamas Property

As a seasoned crypto investor with a deep understanding of the market and its intricacies, I cannot help but feel a sense of unease upon hearing about the latest developments involving Ryan Salame and his Bahamas property. The news that he will be transferring the asset as part of a plea deal in a criminal case is certainly noteworthy.

Ryan Salame, previous joint CEO of FTX Digital Markets, is set to move $5.9 million worth of assets in the Bahamas under the terms of a plea agreement in a criminal investigation, rather than making a straight cash payment.

Last September 2023, following the executive’s guilty plea to the charges, the million-dollar property becomes part of a restitution deal. Salame won’t hand over any cash directly from his account. Instead, he will transfer ownership of his Bahamas residence to FTX Digital Markets Ltd.

To prevent any potential impact on other assets in the Bahamas, it was determined that the property would not be sold at a low price or quickly on the market in 2023. The sale of luxury properties in the Bahamian real estate sector decreased by 25% during this period, while apartment prices in Australia experienced a decline of 28%.

In 2021, Salame purchased a property for $7.2 million using the Alameda Research Fund. Later on, FTX DM transferred an additional $8.1 million to finalize the transaction. However, as part of the deal, Salame agreed to return $8.1 million to Alameda. Unfortunately, both FTX and Alameda went bankrupt in 2022, and the promised refund was included in their filing.

The sentencing date for Salame has been set for May 28, 2024, coming after the 25-year sentence imposed on Sam Bankman-Fried in March.

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2024-05-03 09:24