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Ryan Salame, former CEO of crypto exchange FTX, had 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 a new release date has now been set for him.
Crypto exchange: Reduced prison sentence for ex-FTX executives
Salame pleaded guilty in September 2023 to conspiracy to commit money laundering and campaign finance fraud. Despite his lawyers’ arguments for a shorter sentence, citing his ignorance of cryptographic fraud and the forfeiture of significant assets, Judge Lewis A. Kaplan imposed a 90-month sentence due to the seriousness of the case and set him to be released in April 2032.
However, Salameo recently had his sentence reduced by a year and his new release date was set for March 2031. The exact reasons for this reduction remain unclear and the crypto industry would like to know what could have happened. At the same time, Caroline Ellison, the former CEO of Alameda Research and a key figure in the FTX affair, also saw her sentence reduced by three months, unless we have real reasons.
Another Sam Bankman-Fried?
This reduced sentence comes amid complex legal proceedings surrounding the collapse of FTX, which caused huge financial losses and triggered a wide-ranging investigation into the crypto platform’s management. Despite 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 he will have to serve at least 85% of his sentence, or around 20 years.
In short, the sentence reductions for Ryan Salame and Caroline Ellison illustrate the legal complexities surrounding the FTX collapse. But Sam Bankman-Fried, the main accused, could benefit from a presidential pardon unlike the others. These cases highlight the importance of transparency and accountability in the crypto sector.
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The world is evolving and adaptation is the best weapon to survive in this wavy universe. Essentially a crypto community manager, I am interested in anything directly or indirectly related to blockchain and its derivatives. To share my experiences and raise awareness of a field that fascinates me, there is nothing better than writing articles that are both informative and relaxing.
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The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.