FTX Bahamas co-CEO Ryan Salame blew the whistle on FTX/Sam Bankman-Fried scandal


- Advertisement -

Only three individuals have the authority to transfer customer funds to Alameda Research, according to FTX co-CEO Ryan Salame, who spoke to the Securities Commission of the Bahamas (SCB).

As stated in a Dec. 14 court filing, FTX co-CEO Ryan Salame informed Bahamian officials on Nov. 9 that the exchange was transferring its customers’ funds to Alameda Research.

As per Salame, who spoke before the Securities Commission of the Bahamas (SCB), only three individuals could execute such transfers. These individuals included co-founder Zixiao “Gary” Wang, director of engineering Nishad Singh, and FTX founder Sam Bankman-Fried.

Mr Salame advised the Commission that transferring clients’ assets in this manner was contrary to FTX Digital’s normal corporate governance and operations. This would be considered misappropriation, theft, fraud or some other crime since such transfers were not permitted.”

FTX Bahamas co-CEO Ryan Salame blew the whistle on FTX/Bankman-Fried scandal
Image Source: Twitter

Immediately after receiving the information, the financial authority acted quickly and on Nov. 10 ordered the freezing of FTX assets. In order to protect the company’s assets, the watchdog suspended the exchange’s license and appointed a provisional liquidator.

As of now, Salame is in Washington, D.C., according to the filing.

In parallel, Sam Bankman-Fried has been detained by the Bahamas authorities at the request of the US government. Due to the fact that he is considered to be a flight risk, his bail was denied.

The only individual from FTX and Alameda who has been charged so far is Sam Bankman-Fried. He is accused of wire fraud, securities fraud, money laundering and violations involving the financing of political campaigns.

According to reports, Bankman-Fried, Wang, Singh, and Ellison operated a group chat on the secure messaging platform Signal named “Wirefraud” where they shared confidential information about FTX and Alameda’s operations. Bankman-Fried denied any involvement or knowledge of the group.

- Advertisement -
Mufasa is the lead writer at CryptoMufasa who likes to share all the latest info on the crypto world with you! Mufasa Enjoys enjoys a good read and recommendations so don't forget to comment on the posts and let him know.


Please enter your comment!
Please enter your name here

More like this

Is It Idea To Invest In Meme Coins Now That Dogecoin Has Continued To Increase?

One of the best meme coins, Dogecoin (DOGE), has...

Binance vs. Huobi: Which Is The Best Cryptocurrency Trading Platform In 2023?

A cryptocurrency exchange platform is necessary for trading cryptocurrency....

Coinbase Is Fined $3.6 Million By A Dutch Regulator For Not Being Registered

Coinbase exchange broke the law by offering cryptocurrency services...

Crypto ATM Installations: Australia Ranked 3rd After USA and Canada

Australia currently has 234 cryptocurrency ATMs, placing it third...