Former co-chief executive of FTX Digital Markets, Ryan Salame, will give up his Bahamas residence ahead of his sentencing in late May.
The former co-chief executive of FTX Digital Markets, Ryan Salame, has agreed to transfer his multimillion-dollar property in the Bahamas as part of his plea agreement in a criminal case.with the United States Bankruptcy Court for the District of Delaware on May 1, Ryan Salame has agreed to give up a $5.9 million house he owns in the Bahamas.
Salame pleaded guilty to criminal charges in September 2023 and his plea agreement required him to pay $5.6 million in restitution to the debtors. “Salame will satisfy the Restitution Amount by transferring a residence he owns in the Bahamas, Unit No. 3A in the Marina Residences at Albany Building 10 Condominium, to FTX DM,” the filing read.The debtors argued that this is in their best interests as it avoids Salame having to sell the residence quickly at a discount, which could negatively impact their ability to monetize other Bahamian properties.
In November of that year, FTX DM wired $8.1 million from its bank account at Fidelity Bank 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 whereby he agreed to pay the $8.1 million to Alameda. However, FTX and Alameda imploded in early November 2022 with bankruptcy filings coming shortly after.
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