FTX: Reduction of the sentences of ex-leaders, a decision that challenges the world of crypto

Ryan Salame, former co-CEO of the crypto exchange FTX, saw his prison sentence reduced, as did Caroline Ellison. Originally sentenced to 7.5 years in prison in May 2024, Salame was due to be released in April 2032. However, things have changed and his new release date has now been set.

A prison cell with a half-open door, silhouette of a prisoner standing next to a half-open door with an incoming light beam, a key on a table with the symbol of the crypto exchange FTX.

Crypto exchange: Reduction of prison sentence for former FTX executives

Salame had pleaded guilty in September 2023 to conspiracy to operate an unauthorized money transmitting business and campaign finance fraud. Despite his lawyers' arguments for a shorter sentence, citing his lack of knowledge of crypto frauds and his substantial asset forfeitures, Judge Lewis A. Kaplan had imposed a 90-month sentence due to the seriousness of the case. FTX, setting its release for April 2032.

However, Salame recently saw his sentence to be reduced by one yearsetting its new release date for March 2031. The exact reasons behind this reduction in sentence remain unclear so far and the crypto industry would like to know what could have happened. At the same time, Caroline Ellison, former CEO of Alameda Research and key figure in the FTX affair, also saw her sentence reduced by three months, unless we have real reasons.

Salame recently had his sentence reduced by a year, setting his new release date for March 2031. The exact reasons behind this reduction remain unclear so far and the crypto industry would like to know what could have happened. happen.Salame recently had his sentence reduced by a year, setting his new release date for March 2031. The exact reasons behind this reduction remain unclear so far and the crypto industry would like to know what could have happened. happen.
One-year sentence reduction for Ryan Salame
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Sam Bankman-Fried next?

These sentence reductions come amid complex legal proceedings surrounding the collapse of FTX, which caused massive financial losses and triggered extensive investigations into the crypto platform's leadership. Despite the reduced sentences for Ryan Salame and Caroline Ellison, Sam Bankman-Fried is unlikely to receive a similar reduction. Sentenced to 25 years in prison, legal experts estimate that he will have to serve at least 85% of his sentence, or around 20 years.

In sum, the sentence reductions for Ryan Salame and Caroline Ellison illustrate the legal complexities surrounding the collapse of FTX. However, Sam Bankman-Fried, the main accused, could, unlike the others, benefit from a presidential pardon. These cases highlight the importance of transparency and accountability in the crypto sector.

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