Former FTX Executive Ryan Salame Gives Up $5.9 Million Bahamas Estate

Ryan Salame, the former co-CEO of FTX Digital Markets, has agreed to turn over a multi-million dollar estate in the Bahamas as part of a plea agreement in a criminal case.

Ryan Salame has agreed to give up a $5.9 million home he owns in the Bahamas, according to a May 1 motion filed by FTX Trading Ltd and related debtors in the U.S. Bankruptcy Court for the District of Delaware.

Salameh pleaded guilty to criminal charges in September 2023, and his plea agreement required him to pay $5.6 million in restitution to his debtors.

Instead of paying cash, Salame proposes to meet the compensation by transferring the residence he owns to FTX Digital Markets Ltd.

“Salame will satisfy the indemnification amount by transferring the Bahamian residence he owns (Marina Residences Unit 3A at Albany Building 10 Condominium) to FTX DM,” the filing reads.

The debtors argued that this was in their best interest as Salamega could sell the residence quickly at a discount, which could negatively impact their ability to generate revenue from other Bahamian properties.

In 2023, Bahamian real estate agents reported a 25% decline in luxury sales. Meanwhile, Australian property company Properstar reported that apartment prices there had fallen 28% in the past 12 months.

Salameh was charged with making illegal political contributions, conspiracy to defraud the Federal Election Commission and conspiracy to operate an unlicensed money transfer business.

Related: FTX co-CEO Salameh’s sentencing has been moved to the end of May.

The filing also showed Salame agreed to purchase the property for $7.2 million in September 2021, with a 10% deposit transferred from an Alameda Research account at Silvergate Bank.

That November, FTX DM transferred $8.1 million from a Fidelity Bank bank account in the Bahamas to Salame’s real estate attorney to pay the balance of the purchase price.

In March 2022, Salame and Alameda entered into a promissory note, agreeing to pay Alameda $8.1 million. However, FTX and Alameda went bankrupt in early November 2022, and bankruptcy filings were filed soon after.

Salame’s sentencing is currently scheduled for May 28, 2024. Former FTX CEO Sam Bankman-Fried was sentenced to 25 years in prison in late March.

Magazine: Hong Kong Bitcoin ​ETF launches ‘Top 20%’, STRK fraud suspect arrested: Asia Express