Is going to prison the same as starting a new job? This FTX exec thinks so

Former FTX Digital Markets co-founder Ryan Salame made headlines this week when he posted a job update on his LinkedIn profile before reporting to prison to serve a seven-and-a-half-year sentence. Salame, 31, was sentenced for his role in Sam Bankman-Fried’s multi-billion-dollar cryptocurrency fraud and his involvement in making illegal political campaign donations. He is one of four FTX executives who pleaded guilty after the company collapsed in 2022.

On Wednesday, two days before he was required to report to the federal correctional institution in Cumberland, Maryland, Salame shared an unconventional life update on LinkedIn: “I’m happy to share that I’m starting a new position as Inmate at FCI Cumberland.”

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In typical LinkedIn fashion, many users commented on Salame’s post, congratulating him on his “position.”

“Well deserved Ryan,” wrote one user, while another joked, “Bro went from LinkedIn to LockedIn.”

Another user said, “I guess your next interviewer won’t need to ask you to explain any gaps in your resume.”

Federal Prison Consultancy, a private US firm, commented, “Ryan Salame you will be back soon; use this time to do things you never made time for.”

Salame has been active on social media since his May 28 sentencing, sometimes sharing multiple updates daily.

Following the response on LinkedIn, Salame posted on his X account, saying, “Today I learned people still use LinkedIn.”

Ryan Salame, FTX scandal, and sentencing

Ryan Salame, an executive at cryptocurrency exchange FTX, was implicated in a scandal involving illegal political donations. Serving as co-chief executive officer of FTX’s Bahamian affiliate, he pleaded guilty to charges of making tens of millions of dollars in unlawful political contributions. These contributions were made using FTX customer funds without proper authorisation, directed towards political campaigns aligned with his and FTX’s interests. His actions were part of broader allegations of fraud and mismanagement that ultimately contributed to FTX’s collapse. Salame was sentenced as part of the legal proceedings surrounding the FTX case, which also involved founder Sam Bankman-Fried and other executives.

Salame’s plea deal has faced scrutiny after he claimed, in an interview with Bloomberg, that prosecutors had broken a promise to drop their investigation into his wife, crypto lobbyist Michelle Bond, in exchange for his guilty plea. The Manhattan US Attorney’s Office dismissed these claims, calling his backtrack “shameless.” Salame, who donated $22.6 million to Republicans while at FTX, is now hoping for a presidential pardon. He has acknowledged, however, that securing a pardon may be challenging if Vice President Kamala Harris were to win the election.

First Published: Oct 11 2024 | 9:52 AM IST