Ryan Salame ran FTX’s subsidiary in the Bahamas.
But where did it all go wrong for Salame and what is his net worth?
Who is Ryan Salame?
Ryan Salame graduated from the University of Massachusetts in 2015 with a degree in accounting and went on to complete a master’s in finance from Georgetown University in 2019.
Salame started his career as a senior tax accountant at Ernst & Young (EY), where he allegedly helped Sam Bankman-Fried incorporate FTX Trading Ltd.
After two years he joined stablecoin issuer Circle Internet Financial as a cryptocurrency trader before moving to FTX in 2019.
Salame spent two years as Alameda Research’s head of OTC [over-the-counter] for the Asia-Pacific region in Hong Kong, before becoming the co-CEO of FTX Digital Markets in September 2021.
READ MORE ON THE 24/7 PROJECT
FTX Digital Markets allowed users to convert fiat money into tokens and vice versa.
The company said on its LinkedIn page: “FTX Digital Markets offers users regulated access to FTX’s industry-leading derivatives, options, volatility products, and other FTX products and services.”
When he was appointed as co-CEO, Salame said: “I’m excited to plant the flag for FTX in The Bahamas.
“The relationship we have fostered with local regulators culminating with us being authorized under the framework offered through the DARE Act, gives me confidence that we’ll be able to work closely with regulators to make sure our offerings are compliant in multiple jurisdictions.”
FTX Digital Markets filed for Chapter 15 bankruptcy protection on Tuesday, 15, November 2022 in the Southern District of New York.
Salame was allegedly physically sick when he found out about the extent of deception at FTX following their collapse, including how the company misused and lost client funds.
Salame is also the owner of a number of restaurants that operate under Lenox Eats.
Salame has invested about $5 million into the restaurant scene in Lenox, Massachusetts.
What is Ryan Salame’s net worth?
Ryan Salame is believed to have a net worth of around $1.5 billion.
But Salame has pleaded guilty to violating campaign finance laws and operating an illegal money-transmitting business.
He agreed to surrender more than $1.5bn (£1.2bn) to authorities.
Authorities said they would accept $6 million, two properties in Massachusetts and a 2021 Porsche as part of the plea deal.