FBI Raids Former FTX Executive Ryan Salame’s Home: Report

The FBI raided Ryan Salame’s home in Potomac on Thursday morning, suggesting the investigation into the crypto exchange’s executives is still ongoing.

The Federal Bureau of Investigation (FBI) has raided the home of Ryan Salame, the former co-CEO of Bahamas-based FTX Digital Markets.

According to a report from The New York Times, citing two people with knowledge of the matter, the bureau carried out a search of Salame’s $4 million-dollar house in Potomac, Md. 

Although the reason for the search remains unknown, the fact that it took place suggests that the authorities have far from concluded their investigation into FTX and those associated with the now-bankrupt firm.

Salame himself has faced particular scrutiny with regard to his campaign contributions made during last year’s midterm election. The FTX executive made over $23 million worth of donations to Republican campaigns. Federal authorities have argued that most of these funds were misappropriated from FTX users.

According to a statement from FTX’s liquidators last month, Salame was the fourth largest recipient of loans and transfers made to the exchange’s employees, receiving a total of $87 million from the exchange. 

Other recipients included former engineering director Nishad Singh, who received $587 million and co-founder Zixiao “Gary” Wang, who received $246 million. Both these former executives have pleaded guilty to charges and are assisting the prosecutors in their investigation into Sam Bankman-Fried.

Salame was a close associate of Bankman-Fried and is widely believed to have worked closely with the former FTX CEO.

Incidentally, it was Salame that alerted the Securities and Exchange Commission of the Bahamas that FTX had transferred client funds to Alameda Research two days before FTX filed for bankruptcy. Shortly after he notified the Bahamian authorities, Salame left the country for Washington D.C.