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Home Bitcoin News

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

Hania by Hania
December 15, 2022
in Bitcoin News, General News
Reading Time: 2 mins read
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FTX Bahamas co-CEO Ryan Salame blew the whistle on FTX/Sam Bankman-Fried scandal
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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.”

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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.

Tags: bahamascrypto newsfraudSam Bankman-FriedWhistle blowing
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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