Two former executives of FTX receive sentence reductions
ChainCatcher news, according to The Washington Post, the prison sentences of two former executives of the cryptocurrency exchange FTX appear to have been shortened. According to information from the Federal Bureau of Prisons website, Ryan Salame began serving his sentence in October, which is 7.5 years, and is now expected to be released in March 2031. Caroline Ellison's current expected release date is July 2026, a few months shorter than her original two-year sentence.FTX filed for bankruptcy in 2022 due to questions about its financial condition and its relationship with sister trading firm Alameda Research, leading to a rapid withdrawal of funds by customers, similar to a bank run. Authorities later accused FTX of misappropriating customer funds for personal use, to repay loans owed to Alameda Research and for other projects. This scandal led to a stunning downfall for FTX, which was once the world's third-largest cryptocurrency exchange, and its founder Sam Bankman-Fried (SBF). Salame is the former co-CEO of FTX's Bahamas subsidiary, who admitted to operating an unlicensed money transfer business, violating campaign finance laws. Ellison is the former CEO of Alameda, who pleaded guilty in December 2022 to charges of wire, securities, and commodities fraud, as well as money laundering.
