{"id":15514,"date":"2022-12-15T21:33:12","date_gmt":"2022-12-15T21:33:12","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/court-documents-say-ftx-boss-ryan-salame-snitched-on-sbf-2-days-before-the-bankruptcy-filing-bitcoin-news\/"},"modified":"2022-12-15T21:33:12","modified_gmt":"2022-12-15T21:33:12","slug":"court-documents-say-ftx-boss-ryan-salame-snitched-on-sbf-2-days-before-the-bankruptcy-filing-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/court-documents-say-ftx-boss-ryan-salame-snitched-on-sbf-2-days-before-the-bankruptcy-filing-bitcoin-news\/","title":{"rendered":"Court Documents Say FTX Boss Ryan Salame Snitched on SBF 2 Days Before the Bankruptcy Filing \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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According to court documents associated with the FTX bankruptcy proceedings, on Nov. 9 \u2014 two days before the company filed for Chapter 11 bankruptcy protection \u2014 FTX co-CEO Ryan Salame told Bahamian authorities that Sam Bankman-Fried (SBF) sent customer funds to the firm Alameda Research. A letter written by Salame sent to the Bahamian commissioner of police detailed the \u201cpossible mishandling of clients\u2019 assets\u201d by SBF.<\/strong><\/p>\n

Court Documents Indicate FTX Co-CEO Ryan Salame Allegedly Turned on Bankman-Fried<\/h2>\n

A written account from FTX co-CEO Ryan Salame details that the former FTX executive may have disclosed Sam Bankman-Fried\u2019s (SBF) alleged fraudulent acts two days before the crypto company filed<\/a> for bankruptcy protection.<\/p>\n

Ostensibly, Salame contacted law enforcement officials in The Bahamas and explained that SBF sent illicit transfers to Alameda. The letter is dated Nov. 9, and Salame explained that the customer funds were used to pay down Alameda\u2019s \u201cfinancial losses.\u201d<\/p>\n

The court documents detail that the letter from Salame first went to the Securities Commission of the Bahamas and then it was distributed to the Bahamian commissioner of police. The letter was purportedly received by the executive director of the Bahamas securities commission Christina Rolle.<\/p>\n

Salame allegedly explained that the high-up FTX execs \u2014 SBF, Gary Wang, and Nishad Singh, were the only three individuals that had full access to transfer such funds to Alameda.<\/p>\n

Additionally, court documents<\/a> show that FTX lawyers have accused the Bahamian government of ordering SBF and Gary Wang to mint millions of tokens. There\u2019s also accusations that say Bahamian residents got special treatment during FTX\u2019s collapse.<\/p>\n

There\u2019s an \u201calleged $100 million in cryptocurrency withdrawals that occurred between November 10, 2022, and November 11, 2022, from 1,500 individuals.\u201d It is assumed that the ostensible funds used for these withdrawals stemmed from FTX Digital\u2019s customers.<\/p>\n

Salame did have a relationship<\/a> with Bahamian government officials as well, as he once traveled to Ohio to 80 Acres Farms with the Bahamian prime minister (PM) Philip Davis and other officials from the island nation.<\/p>\n

Moreover, Salame reportedly<\/a> gave $22 million to Republican politicians for the 2022 midterm election cycle, according to opensecrets.org data. Both PM Davis and Salame were associated with ventures involving 80 Acres and its partner Eeden Acres. Reports show that 80 Acres Farms allegedly received $25 million in funding from FTX Ventures.<\/p>\n

As far as a special relationship between SBF and the Bahamian government, officials from the island say the allegations are \u201cinflaming and untrue.\u201d The Bahamian authorities claim the government only discussed \u201cinsolvency proceedings in the Bahamas\u201d with SBF before the Chapter 11 filing.<\/p>\n

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\nTags in this story
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100 million<\/a>, 80 Acres Farms<\/a>, Bahamas Securities Commission<\/a>, Bahamian authorities<\/a>, Bahamian commissioner of police<\/a>, Bahamian government<\/a>, Bahamian prime minister (PM) Philip Davis<\/a>, Bankruptcy<\/a>, Bankruptcy Case<\/a>, Chapter 11 filing<\/a>, Christina Rolle<\/a>, Customer Funds<\/a>, Fraud<\/a>, insolvency proceedings<\/a>, Philip Davis.<\/a>, Republican politicians<\/a>, Ryan Salame<\/a>, Salame SBF<\/a>, sbf<\/a>, The Bahamas<\/a>, Withdrawals<\/a><\/div>\n<\/div>\n

What do you think about the court documents that claim FTX co-CEO Ryan Salame snitched on SBF before the bankruptcy filing took place? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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