FTX, a bankrupt cryptocurrency exchange, has filed a lawsuit against Ryan Salame, the former co-CEO of its Bahamian subsidiary. FTX is seeking to recover around $98.8 million in cash and cryptocurrency, accusing Salame of helping other executives, including founder Sam Bankman-Fried, breach their fiduciary duties and misappropriate customer assets.
The exchange claims that Salame benefited from his involvement, receiving $52.9 million in wire transfers, $29.8 million in cash and cryptocurrency withdrawals, and over $7.7 million in salary and bonuses. Salame also acquired nine million FTT tokens, sold 1.1 million for $24 million, and invested the proceeds in luxury cars, businesses, and a $2.3 million stake in RedBird Capital Partners Fund IV.
Salame has already pleaded guilty to conspiracy, fraud, and illegal political contributions, agreeing to forfeit $1.5 billion and pay over $6 million in forfeiture and $5 million in restitution. FTX wants the court to disallow Salame’s claims in the exchange’s bankruptcy proceedings until he returns all assets acquired through these transfers.
