Insiders: Former FTX executive Ryan Salame is negotiating a plea deal with federal prosecutors

ChainCatcher news, Bloomberg reported, citing sources, that former FTX CEO Ryan Salame is negotiating with federal prosecutors to acknowledge criminal charges against him following the FTX collapse, with details of a potential plea agreement yet to be finalized.

It remains unclear whether he will enter into a cooperation agreement with prosecutors and testify against FTX co-founder Sam Bankman-Fried (SBF). Reports indicate that Salame's former colleagues Gary Wang, Caroline Ellison, and Nishad Singh have already acknowledged their roles in the multi-billion dollar fraud case involving FTX and will serve as key witnesses for the government in the SBF case. If Salame pleads guilty, he will become the fourth former FTX executive to do so.

Additionally, the U.S. Department of Justice still plans to bring illegal campaign contribution charges when SBF goes on trial in October. Prosecutors are set to submit an alternative indictment next week, bringing seven charges against SBF. The Justice Department plans to include charges of SBF using customer funds for campaign contributions in the wire fraud allegations.