FTX Exec Ryan Salame To Serve Less Time, Scheduled Release Moves Up

Key Takeaways

• Former FTX executive Ryan Salame’s prison sentence has been reduced by one year.
• Salame, initially sentenced to 7.5 years, is now scheduled for release in March 2031.
• The reduction coincides with speculation about a presidential pardon for FTX founder Sam Bankman-Fried.

Ryan Salame, a former top executive at the now-defunct crypto exchange FTX, is set to be released from prison earlier than anticipated.

Originally sentenced to seven and a half years for his involvement in the exchange’s collapse, Salame is now expected to be freed on March 1, 2031, shaving one year off his term.

Early Release for Ryan Salame

According to Federal Bureau of Prisons records  obtained by Business Insider, the reduction stems from good behavior credits earned under the 2018 First Step Act.

Salame began serving his sentence on Oct. 11 at Cumberland Federal Correctional Institution, a medium-security prison in Maryland.

A spokesperson for the Bureau of Prisons clarified that incarcerated individuals can earn up to 54 days off their sentences each year through Good Conduct Time (GCT).

“Every incarcerated individual earns Good Conduct Time (GCT), which is projected on their release date,” the spokesman told Business Insider in an email. He added that “qualifying individuals will be eligible to earn up to 54 days of GCT time for each year of the sentence imposed by the court.”

Salame’s reduced sentence comes amid ongoing fallout from FTX’s collapse, which shook the crypto industry in November 2022.

The former Bahamas-based executive pleaded guilty to criminal charges tied to the misuse of customer funds and fraudulently orchestrated trading schemes.

Salame was among the top five FTX executives implicated in the scandal, with sentences ranging from two to 25 years.

Only co-founder Gary Wang avoided additional prison time, a notable exception among the leadership team.

Presidential Pardon Speculation

The timing of Salame’s sentence reduction has drawn attention, particularly as rumors swirl about a potential presidential pardon for FTX founder Sam Bankman-Fried.

Bankman-Fried, who faces a 25-year prison sentence for orchestrating the exchange’s fraudulent activities, has been a controversial figure since his arrest.

The speculation gained traction after Elon Musk publicly suggested he would be “shocked” if President Joe Biden did not pardon Bankman-Fried.

While the rumors remain unconfirmed, they add another layer of intrigue to the FTX saga.