Former top FTX executive Ryan Salame has updated his LinkedIn profile. His new role? Prison inmate
By Issy Ronald, CNN
(CNN) — Updating LinkedIn with a new job role is a rite of passage for many professionals, a chance to let the world know you’ve scrambled up another rung on the career ladder.
But former FTX executive Ryan Salame made an unorthodox update to his profile on the site Thursday, as he began a prison sentence following the collapse of the cryptocurrency exchange.
“I’m happy to share that I’m starting a new position as Inmate at FCI Cumberland!” he wrote, alongside a LinkedIn graphic of a cherry falling off a cupcake and people jumping into the air.
His post quickly went viral, prompting Salame to joke on X: “Today I learned people still use LinkedIn.”
Salame, the former co-CEO of FTX’s Bahamian subsidiary and a top lieutenant to the company’s founder, Sam Bankman-Fried, was sentenced to seven and a half years in prison in May, which he will begin serving at FCI Cumberland, a medium-security federal prison in Maryland.
In September last year, Salame pleaded guilty to making tens of millions of dollars’ worth of unlawful campaign donations to causes supported by his boss. He also agreed to forfeit $1.5 billion.
In addition to the prison term and the $1.5 billion forfeiture, Salame, 30, was sentenced to three years of supervised release and ordered to pay further amounts of more than $6 million in forfeiture and more than $5 million in restitution.
Prosecutors said Salame, Bankman-Fried and former FTX engineering chief Nishad Singh used FTX customer funds to donate to political candidates supporting crypto-friendly legislation.
Salame gave more than $24 million to Republican candidates and causes in the 2022 election cycle, according to Federal Election Commision data, making him one of that year’s top donors.
“Salame’s involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system,” Damian Williams, United States Attorney for the Southern District of New York, said after the sentencing, according to Reuters.
Salame pleaded guilty to one count of conspiracy to make unlawful political contributions and one count of conspiracy to operate an unlicensed money transmitting business.
FTX imploded in November 2022, sending shockwaves through the crypto world, after depositors raced to withdraw their cash. Bankman-Fried resigned as CEO and the company filed for bankruptcy.
A year later, Bankman-Fried was found guilty on seven counts of fraud and conspiracy, including stealing billions from accounts belonging to FTX customers and defrauding lenders to its sister company, the hedge fund Alameda Research. He was sentenced in March to 25 years in prison.
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CNN’s Kara Scannell and Reuters contributed reporting.
