Two former FTX executives receive reduced sentences

Odaily Odaily News According to the Washington Post, the sentences of two former cryptocurrency exchange FTX executives appear to have been shortened. According to the website of the U.S. Federal Bureau of Prisons, Ryan Salame began serving a sentence of 7 and a half years in October and is now expected to be released in March 2031. Caroline Ellison's expected release date is now July 2026, a few months less than her original two-year sentence. FTX filed for bankruptcy in 2022 due to questions about its financial situation and its relationship with sister trading company Alameda Research, which led to customers withdrawing funds quickly, similar to a bank run. Authorities later accused FTX of misappropriating customer funds for personal use, to repay loans owed by Alameda Research and other projects. The scandal brought a stunning Waterloo to FTX, once the world's third largest cryptocurrency exchange, and its founder Bankman (SBF). Salam, the former co-CEO of FTX's Bahamas subsidiary, admitted to operating an unlicensed remittance business in violation of campaign finance laws. Ellison, the former CEO of Alameda, pleaded guilty in December 2022 to wire, securities and commodities fraud and money laundering.