FTX's Ryan Salame Is Going to Prison. Here’s What He Has to Say - Ep. 718

Oct 11, 2024

Ryan Salame, the former CEO of FTX Digital Markets, opens up about his tumultuous journey leading to imprisonment for campaign finance violations. He reveals why he withdrew millions just before FTX's bankruptcy and details a bizarre scheme involving Thai prostitutes to access Alameda’s frozen funds in China. Salame disputes claims of misleading banks and argues that his former associates, notably Caroline Ellison and Nishad Singh, share culpability. His candid reflections on cooperation with prosecutors and the murky ethical landscape of crypto make for a riveting discussion.

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ANECDOTE

Three Attempts to Quit

Ryan Salame tried to leave FTX three times due to burnout from the intense work environment.
Each time, he was persuaded to stay, once by Caroline Ellison's tears and another time with a new role in the Bahamas.

ANECDOTE

Campaign Finance Violations

Ryan Salame pleaded guilty to campaign finance violations, admitting to making unlawful contributions in his name for SBF.
He claims he believed the funds, described as loans, were legitimate and that he had to repay them.

INSIGHT

Banking Practices

Ryan Salame disputes claims of lying to banks, stating FTX and Alameda's actions were transparent and necessary due to banking limitations.
He explains Alameda acted as an OTC desk for FTX customers due to Silvergate's initial inability to provide FTX a customer account.

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Ryan Salame, the former CEO of FTX Digital Markets, is headed to prison, but not before sharing his side of the story. Ryan talks candidly about the decisions he made at FTX, why he withdrew millions of dollars worth of assets in the days leading up to its bankruptcy, and the backstory behind the Thai prostitute trading scheme to unfreeze Alameda’s funds in China. He also disputes the claims about his campaign finance violations, while explaining why he thinks Caroline Ellison is “at least as guilty as SBF” and that Nishad Singh lied.

Show highlights:

Ryan’s life pre-FTX and how he got into crypto
His three attempts to quit working at FTX
How Ryan committed campaign finance violations
Why Ryan disputes claims that FTX misled banks and misused customer funds
How Ryan was involved in setting up trading accounts with the identities of Thai prostitutes to unfreeze Alameda’s funds
Whether Ryan was involved in bribing a Chinese official
Why he withdrew millions of dollars worth of assets from his FTX accounts right before its bankruptcy
Why Ryan claims he was cooperative with prosecutors, despite common belief
How he refuses to comment on his wife Michelle Bond's case, but denies wrongdoing
Why Ryan pleaded the Fifth Amendment
His allegations that prosecutors lied to his lawyers about whether they would pursue charges against Michelle
Why he thinks that SBF could have never coerced Caroline Ellison and whether Ellison is “equally guilty” as SBF
Why Ryan believes Nishad Singh lied to save himself and his take on Gary Wang
How, if he didn’t know about the fraud, he could be so certain that Caroline or Nishad lied
Whether the legal advice from FTX’s and Alameda’s lawyers should have been considered in Bankman-Fried's trial
Whether testimony from more employees could have created reasonable doubt in SBF's trial
Why Ryan is going to law school
His plans post-prison
What Ryan learned from the FTX debacle

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Guest:

Ryan Salame, former CEO of FTX Digital Markets

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