Former FTX CEO sells Bahamas real estate in exchange for reduced sentence
Last Updated on 6 May 2024 by CryptoTips.eu
Former co-CEO of FTX, Ryan Salame, will be sentenced later this month for his role in the collapse of the major crypto platform back in November 2022. In order to obtain a reduced sentence, Ryan agreed to sell an apartment in the Bahamas worth $5.9 million.
Ryan is yet another former FTX manager who agrees to a plea deal in exchange for a reduced sentence. FTX customers meanwhile are still hoping to ever see their money back.
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Later this month, Ryan will be told what his final sentence will be, and if he had waited until then to sell the apartment, he would probably have received less money for it because there would then be a kind of ‘urgency’ to sell the property.
Former FTX co-CEO, Ryan Salame, has agreed to transfer his $5.9 million Bahamas property as part of a plea deal in the FTX criminal case. This is the condo, located in the same building as SBF’s. #FTX #SBF pic.twitter.com/jnNdO77S3x
— DΛVID 🟢 (@DavidShares) May 4, 2024
The demise of FTX also dealt a heavy blow to the luxury real estate market in the Bahamas. Sam Bankman-Fried and his entire management team all lived in luxurious homes in the archipelago, and employed many people there. After FTX went bankrupt in November 2022, far fewer homes were sold at the prices that the FTX management was willing to pay.
FTX founder Sam Bankman-Fried, once the poster boy of Silicon Valley and the example for young entrepreneurs, was sentenced to 25 years in prison in March this year.
Sam Bankman-Fried’s parents, Barbara Fried and Joseph Bankman, also still possess a home on the archipelago, although they continue to claim that this was simply a gift from their son and therefore had nothing to do with FTX.
