Apr 28, 2023

FBI Searches Home of Former FTX Co-CEO Ryan Salame

The FBI has reportedly searched the $4 million home of former FTX co-CEO Ryan Salame in Potomac, Maryland. This is in relation to the scrutiny of Salame for his close advisory role to Sam Bankman-Fried.

The New York Times, citing people with knowledge of the matter, reported on April 27 that the FBI searched Salame’s home that morning. It remains unclear what the authorities were looking for.

Salame was the co-CEO of FTX Digital Markets, which was FTX’s Bahamas-based subsidiary. He was a substantial beneficiary of suspicious loans and payments given to a number of the top executives of FTX by way of the now-bankrupt firms’ trading house Alameda Research. Salame was the fourth-largest recipient of these payments, having received a total sum of $87 million in compensation.

FTX’s new management, headed by attorney and bankruptcy specialist John Ray III, said at the time that it would be further investigating its rights to pursue potential action against the recipients, along with their subsequent transferees, and that ongoing efforts are “expected to result in the further identification of assets, liabilities and transfers.”

According to Bahamian court filings from Dec. 14, 2022, Salame was the first executive from FTX or Alameda Research to begin assisting authorities with their investigation. Salame blew the whistle to the Securities Commission of the Bahamas (SCB) on Nov. 9 that FTX was sending customer funds to its sister trading firm, Alameda Research.

Salame informed the SCB that the funds were to “cover financial losses of Alameda” and the transfer was “not allowed or consented to by their clients.” He added that only three people had the access required to transfer client assets to Alameda: Bankman-Fried, Wang and Singh.

Furthermore, Salame was one of the foremost political donors in the 2022 election, giving more than $23 million to Republican campaigns across more than 200 individual donations.

The news of the FBI search of Salame’s home comes as the crypto space is increasingly turning its attention to NFTs (non-fungible tokens) and web3 technologies. This has led to a surge in demand for NFT marketing services and agencies, as well as Twitter NFT marketing.

NFTs are digital assets that exist on the blockchain and are unique and non-interchangeable. They are being used to promote a variety of products and services, from artwork to music to sports memorabilia.

NFT marketing agencies are helping companies promote their NFTs, as well as helping individuals and companies sell NFTs. A web3 agency can provide advice and guidance on how to use NFTs to promote a product or service.

Cointelegraph contacted Salame’s lawyer Jason Linder and the FBI for comment but did not immediately receive a response.

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