Thursday, 1 June 2023
CryptoCrypto Exchange

The FBI searched the residence of the former FTX executive

The Bureau reportedly examined Salame’s $4 million home in Potomac, Maryland on the morning of April 27, according to a report from The New York Times on April 27 that cited sources with knowledge of the situation.

Salame served as co-CEO of FTX Digital Markets, a subsidiary of FTX with headquarters in the Bahamas. According to Cointelegraph, Salame benefited significantly from the shady loans and payments made to a number of the top executives of FTX through the trading house of the now-defunct company, Alameda Research.

FBI Searching the Residence

Salame was the fourth-largest recipient of these payments with a total compensation of $87 million.  Former engineering director Nishad Singh and co-founder Zixiao “Gary” Wang received $587 million and $246 million, respectively, while Bankman-Fried received $2.2 billion.

FTX’s current CEO, John Ray III, a bankruptcy expert, and attorney, said FTX was exploring its legal options for taking legal action against the recipients and any subsequent transferees. During that time, Ray III said efforts were “expected to lead to further identification of assets, liabilities, and transfers.”

  • The Bureau reportedly examined Salame’s $4 million home in Potomac.
  • Salame was the fourth-largest recipient with a total compensation of $87 million.
  • Salame was one of the biggest political donors in the 2022 election,

It stated that it was considering all of the options for trying to recover the money from the former executives. Salame was the first executive from FTX or Alameda Research to start assisting authorities with their inquiry, according to Bahamian court documents from Dec. 14, 2022.

On November 9, Salame alerted the Bahamas Securities Commission (SCB) to the fact that FTX was transferring customer monies to its sibling trading company Alameda Research.

The transfer was “not allowed or consented to by their clients,” according to Salame, who also informed the SCB that the money was meant to “cover financial losses of Alameda.” He further disclosed to the SCB that the only individuals with the authority to transfer client assets to Alameda were Bankman-Fried, Wang, and Singh.

Salame was one of the biggest political donors in the 2022 election, having given more than $23 million to Republican campaigns through more than 200 individual gifts, according to government donation tracking firm Open Secrets.

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