Ryan Salame, former CEO of FTX Digital Markets, is in the process of writing a memoir about his time working for the now-collapsed crypto exchange. He has dedicated a significant amount of time to chronicling his experiences running FTX’s Bahamian subsidiary as well as his early experiences working for its sister company, Alameda Research. Salame has stated on social media that he will not be keeping any of the proceeds from the book once it is published, and he is currently awaiting publishers to move forward with the project.
Interestingly, news of Salame’s potential book deal comes just one week after he was sentenced to over 7 and a half years in prison and ordered to pay a penalty of $11 million for criminal charges related to his time at FTX. Despite his refusal to cooperate with U.S. prosecutors, he initially pleaded guilty to operating an illegal money-transmitting business and making unlawful political contributions. Salame is the first FTX executive to be sentenced for his crimes, following Sam Bankman-Fried’s sentencing to 25 years in prison and a penalty of $11 billion in March.
In the midst of these developments, the FTX estate has recently announced a repayment plan that claims 98% of creditors will receive 118% back on their claims. However, not all victims of the $8 billion crypto scam are satisfied with the results. Some creditors are unhappy with the estate’s valuation of certain claims, especially given the rebounding crypto market. Activist and FTX creditor Sunil Kuvari has reported that a number of FTX victims are participating in class action litigation against law firms Sullivan and Cromwell and Fenwick and West for allegedly aiding and abetting the massive digital asset fraud. Kuvari has also mentioned that SBF has agreed to join the FTX creditors’ lawsuit.
Salame, who has been active on social media since his sentencing, expressed regret over his decisions that led to his imprisonment, stating that if he had sold off his crypto assets instead of borrowing against them, he might have avoided his current situation. Kuvari responded to Salame’s post, offering to discuss the possibility of him joining the lawsuit against the law firms involved in the FTX scandal. It remains to be seen how these legal proceedings and the publication of Salame’s memoir will impact the ongoing fallout from the collapse of the FTX exchange and the subsequent criminal charges faced by individuals involved.
