Former FTX Digital Markets CEO Ryan Salame is writing a memoir about his experiences at the now-collapsed crypto exchange FTX and its sister company Alameda Research. In a recent post on X (formerly Twitter), Salame shared that he has devoted considerable time to chronicling his time running FTX’s Bahamian subsidiary and working for Alameda Research. He also mentioned that he intends to donate all proceeds from the book once it is published.

Details of Salame's Memoir and Legal Issues

Salame's announcement comes shortly after he was sentenced to over seven and a half years in prison and ordered to pay an $11 million penalty for criminal charges related to his time at FTX. He pleaded guilty to operating an illegal money-transmitting business and making unlawful political contributions. Salame, who did not cooperate with U.S. prosecutors, is the first FTX executive to be sentenced aside from Sam Bankman-Fried (SBF), who received a 25-year prison sentence and a $11 billion penalty in March 2023.

FTX Creditors and Repayment Plan

The FTX estate has recently proposed a repayment plan claiming that 98% of creditors will receive 118% of their claims. However, not all creditors are satisfied, particularly regarding the valuation of certain claims in the context of the rebounding crypto market. Activist and FTX creditor Sunil Kuvari has reported that several FTX victims are pursuing class action litigation against law firms Sullivan and Cromwell and Fenwick and West, accusing them of aiding and abetting the massive fraud.

Kuvari also mentioned that SBF has agreed to join the creditors' lawsuit. In response to his sentencing, Salame expressed regret on social media, stating that if he had sold his crypto holdings instead of borrowing against them from Alameda, he might have avoided prison.

Conclusion

Ryan Salame's memoir promises to offer an insider's perspective on the operations and eventual collapse of FTX and Alameda Research. As he prepares for the publication of his book, the legal and financial repercussions of FTX’s downfall continue to unfold, affecting numerous creditors and stakeholders in the crypto community.