Background of the Case
In a significant legal move, Ryan Salame, the former co-chief executive of FTX Digital Markets, has agreed to transfer ownership of his luxurious $5.9 million Bahamas residence to FTX, his former employer and a bankrupt cryptocurrency exchange. This decision comes as part of a restitution agreement over alleged fraudulent political donations, detailed in a motion filed on Wednesday.
Ex-FTX Boss Ryan Salame To Give Up $5.9M Bahamas House: The Legal Agreement
The Delaware bankruptcy court has been informed of a stipulation agreed upon between Salame, FTX Digital Markets, and the U.S. Attorney’s Office. This agreement facilitates Salame in satisfying a $5.6 million restitution obligation by transferring the legal title of his Albany property in the Bahamas directly to FTX Digital Markets. This strategic move is designed to avoid the potential financial loss of a quick, underpriced sale of the property, ensuring the interests of debtors, creditors, and other stakeholders are maintained.
