Ryan Salame and Caroline Ellison, former FTX executives convicted in connection with a high-profile crypto fraud case, have seen reductions in their prison sentences. Salame, a top executive at the now-defunct cryptocurrency trading platform FTX, pleaded guilty to criminal fraud charges in September 2023 and was initially sentenced to 7 1/2 years in federal prison in May. However, his release date has been moved up to March 1, 2031, more than a year earlier than originally scheduled.
Ellison, the former CEO of FTX's hedge fund arm Alameda Research and ex-girlfriend of Sam Bankman-Fried, received a 2-year prison sentence after pleading guilty to seven federal counts of fraud and conspiracy. She is now set to be released on July 20, 2025, three months earlier than her initial release date.
Bankman-Fried, the mastermind behind the crypto fraud scheme, was sentenced to 25 years in prison, with no current release date listed on the Bureau of Prisons website.
The Bureau of Prisons declined to comment on the specific circumstances of the inmates' early release dates but mentioned that inmates can earn good conduct time (GCT) that factors into their projected release dates. Qualified inmates can receive up to 54 days of GCT time for each year of their sentence, along with other opportunities to earn time credits through participation in prison programs.
FTX, once a prominent crypto startup known for its user-friendly platform and celebrity endorsements, faced a downfall in November 2022 when customers withdrew their funds amid concerns about the exchange's close ties to Alameda Research, Bankman-Fried's hedge fund. The collapse of FTX marked a significant event in the cryptocurrency industry, highlighting the importance of transparency and security in digital asset trading.
