Who is Ryan Salame? US Tech CEO announces new job title on LinkedIn: prisoner

US technology executive Ryan Salame has made headlines again, this time for an ironic LinkedIn update. Known for his involvement in the cryptocurrency industry, particularly with FTX Digital Markets, Salame’s latest announcement is not about a new business venture, but rather his imprisonment. After pleading guilty to charges related to making illegal political contributions and running an unlicensed money transfer business, the former CEO took to LinkedIn to say he is now officially a prisoner.

Ryan Salame: From Outstanding Accountant to CEO of Fallen Tech

Ryan Salame initially built a renowned career in finance before venturing into the cryptocurrency space. Salame, a certified public accountant in Massachusetts, earned a master’s degree in finance from Georgetown University and worked as a senior tax accountant at the respected global accounting firm Ernst & Young. After leaving Ernst & Young in 2017, he entered the world of digital assets, first as a trading analyst at Circle Internet Financial and later as head of OTC at Alameda Research.

In September 2021, Salame became CEO of FTX Digital Markets, the Bahamian unit of FTX, one of the largest cryptocurrency exchanges in the world. Under his leadership, FTX grew rapidly to become a key player in the global cryptocurrency market. Salame’s influence extended beyond the world of digital assets; has become a major donor to the Republican Party, giving more than $24 million to various political candidates and causes in the 2022 election cycle.

Behind the scenes, however, the situation was much less stable. Salame’s rise in popularity in finance and technology was soon overshadowed by the eventual collapse of FTX and the subsequent investigations.

Collapse: A Timeline of Financial Mismanagement

Salame’s troubles began in late 2022 when FTX faced a “liquidity crunch.” Rising interest rates have hit the cryptocurrency sector hard, forcing investors to withdraw their funds. The liquidity crisis exposed the company’s financial mismanagement.

On November 8, 2022, Binance, a rival cryptocurrency exchange, was considering acquiring FTX to solve its liquidity problems. However, after due diligence, Binance CEO Changpeng Zhao withdrew from the deal, citing FTX’s overwhelming financial problems. “The problems are beyond our control and beyond our ability to help,” Zhao said.

Three days later, FTX filed for Chapter 11 bankruptcy, revealing assets worth between $10 billion and $50 billion. The company’s collapse caused a wave of shock in the industry. FTX founder Sam Bankman-Fried has resigned, leaving bankruptcy perpetrator John Ray III to manage the fallout.

According to El PaísRay uncovered widespread fraud at FTX involving the misuse of company funds to spend on luxury products. The United States government soon initiated legal proceedings against Bankman-Fried for organizing what was described as a Ponzi scheme. Bankman-Fried’s lavish spending habits and intentional defrauding of investors and customers led to his 2023 fraud conviction.

Domino Effect: Ryan Salame’s Role in FTX’s Downfall

Although Salame did not go on trial with Bankman-Fried, his role in the company’s collapse was significant. Salame was one of the first high-ranking executives at FTX to cooperate with authorities, providing more than 600,000 pages of evidence to build a case against his former boss. However, this cooperation did not protect him from legal consequences.

In 2023, Salame was accused of using client funds to purchase luxury properties and make large political donations. The illegal use of these funds, totaling millions of dollars, contributed to its collapse. His wife, Michelle Bond, also received $400,000 in funds for her congressional campaign, further deepening the scandal.

LinkedIn Announcement: Satire or Coping Mechanism?

Despite the seriousness of his situation, Salame has taken a surprisingly carefree approach to his legal problems. His recent LinkedIn update announcing his new inmate “position” shows his irreverent humor. The post, which includes a photo of a celebratory cupcake, reads: “I’m excited to share that I’m starting a new inmate position at FCI Cumberland!”

This sarcastic tone is consistent with his social media activity. Even after his conviction in May 2024, Salame continues to post daily on X (formerly Twitter), often mocking the cryptocurrency industry and his situation. In one post, he joked: “Are we at the point in the cryptocurrency cycle where lenders are letting you borrow billions in exchange for a ham sandwich, or not yet?”

Industry reactions and customer fallout

While some LinkedIn community members found Salame’s post humorous, others are outraged by the impact FTX’s collapse has had on investors. The company’s bankruptcy left over a million customers without access to their funds. The collapse was devastating for people like Lee Rees, who lost $100,000, about half his annual income. “It’s like your boss doesn’t pay you. You can’t live, can you?” Rees said Reuters.

Since then, former FTX clients have formed support groups to navigate the complex bankruptcy process. Some, like financier Sunil Kavuri, who suffered a seven-figure loss on FTX, have been targeted by scams falsely promising to return their funds. Kavuri has since gone to X to educate others on the dangers of poor investments and warn about the dangers in the cryptocurrency sector.

Salame pleaded guilty to conspiring to make illegal political contributions and operating an illegal money transfer business. He was fined $1.5 billion and sentenced to seven and a half years in prison, exceeding prosecutors’ recommended sentence of five to seven years.