In prison and awaiting sentencing — Where are the FTX execs now?

It’s been almost two years since cryptocurrency exchange FTX and trading firm Alameda Research collapsed, resulting in market uncertainty, regulatory crackdowns, and criminal charges for those involved.

Former FTX CEO Sam “SBF” Bankman-Fried, who headed the exchange and allegedly pulled the strings behind Alameda, was one of the first executives to face prison time. However, of the five individuals indicted in United States federal court, he was the only one to plead not guilty and have his case heard by a jury in a highly publicized trial.

At the time of publication, Bankman-Fried is likely sitting in a cell at the Metropolitan Detention Center in Brooklyn, facing a 25-year sentence behind bars. A federal judge handed down the sentence on March 28, though SBF’s legal team has filed a notice of appeal for the conviction and sentence. He is expected to remain in New York for the legal proceedings.

Ryan Salame

As an FTX executive who tipped off Bahamian regulators about potential fraud at the crypto exchange, Ryan Salame and his legal troubles are arguably the most high-profile, second only to Bankman-Fried’s. 

Unlike others indicted for their roles at FTX and Alameda, Salame did not testify at SBF’s criminal trial in 2023, instead pleading guilty to conspiracy to operate an unlicensed money-transmitting business and engaging in campaign finance fraud. In May, Judge Lewis Kaplan sentenced the former FTX Digital Markets co-CEO to 90 months in prison.

Related: Why was Ryan Salame given a sentence longer than prosecutors recommended?

In contrast to other FTX executives, Salame returned to regularly posting on social media after his sentencing, often making allegations — without providing evidence — about his former colleagues. He was initially scheduled to report to prison on Aug. 29. After authorities charged his partner, Michelle Bond, with campaign finance law violations, Salame petitioned a judge to set aside his plea deal with prosecutors.

At the time of publication, Salame was expected to report to prison on Oct. 13. If Judge Kaplan accepts his petition to void his guilty plea, he could face a criminal trial.

Gary Wang and Nishad Singh

FTX co-founder Gary Wang was one of the first indicted to plead guilty to wire fraud, securities fraud, and commodities fraud in December 2022. Former FTX engineering director Nishad Singh followed in February 2023, pleading guilty to similar charges.

Both former executives testified at SBF’s trial, speaking to the misuse of user funds between FTX and Alameda at the direction of Bankman-Fried. Many legal experts have speculated that due to their cooperation with authorities, Wang and Singh could receive a reduced sentence.

Barring legal complications from Salame’s motion, Singh’s sentencing hearing is scheduled for Oct. 30. Wang’s is set for Nov. 20.

Caroline Ellison

The former CEO of Alameda Research may be one of the most reclusive individuals involved in the FTX debacle. Caroline Ellison, like Singh and Wang, pleaded guilty to fraud charges in 2022 after the crypto exchange collapsed.

However, in the leadup to Bankman-Fried’s trial, prosecutors filed to have his bail revoked, partially because he allegedly attempted to intimidate Ellison by sharing some of her private journal entries with The New York Times. Judge Kaplan revoked SBF’s bail in August 2023, marking the last time the former FTX CEO was free.

Some online sleuths have attempted to locate Ellison, but it’s unclear where she may be waiting for her sentencing or what she’s doing in the interim. As of Aug. 29, no sentencing hearing had been scheduled for the former Alameda CEO, who potentially faces years in prison.

Magazine: ‘Less flashy’ Mashinsky set for less jail time than SBF: Inner City Press, X Hall of Flame