• Ryan Salame had joined FTX in 2021
  • He became the co-CEO of FTX Digital Markets in the same year
  • Salame was a beneficiary of controversial loans and payments distributed to FTX top executives

The FBI reportedly raided the Potomac home of former FTX executive Ryan Salame on Thursday morning in connection with the ongoing investigation of his $24 million political donations.

While it was unclear what the agents were looking for in Salame's house, Bloomberg reported it was in connection with the investigation surrounding the implosion of the crypto empire, and its "attempts to exert political influence in Washington."

Authorities are reportedly investigating the nearly $24 million political donations Salame made in 2022's midterm elections, claiming the majority of the $90 million campaign donations made by former FTX executives, including those given to Republican Congressman George Santos, were from the funds of the crypto business' customers.

Salame was one of the first executives who jumped ship and blew the whistle when the crypto empire started catching fire last year.

Unlike other executives within FTX founder Sam Bankman-Fried's inner circle, Salame who used to be the co-CEO of the crypto exchange's subsidiary in the Bahamas, has not been charged with any criminality.

He was the first FTX executive to help authorities in their investigation of the crypto empire.

The executive, based on the court filing by the agency, allegedly tipped off the Securities Commission of the Bahamas (SCB) on Nov. 9, 2022, that FTX may have been moving customer funds to Alameda Research, the crypto hedge fund built by Bankman-Fried.

Salame reportedly told the Bahamian financial regulator the funds were transferred to "cover financial losses of Alameda," and noted the transfer was "not allowed or consented to by their clients."

Moreover, the former FTX Digital Markets co-CEO disclosed to SCB that only Bankman-Fried, Gary Wang and Nishad Singh had access to transfer client assets to Alameda Research.

After joining FTX in 2021, Salame immediately became one of the most trusted and loyal lieutenants of Bankman-Fried, and was given the role of a co-chief executive of FTX Digital Markets, the exchange's Bahamas subsidiary.

Earlier reports released following the collapse of FTX claimed that Salame was one of the beneficiaries of controversial loans and payments distributed to FTX top executives via Alameda Research.

His net worth reportedly increased enormously during the cryptocurrency market boom, and he allegedly received $87 million in loans and bonuses from Alameda Research.

The latest move by the FBI in Salame's $4 million house indicates that the investigation related to the spectacular crash of FTX is far from over.

Authorities are looking into multiple FTX employees and advisers, including Gabriel Bankman-Fried, Bankman-Fried's younger brother.

Neither the FBI nor Salame and his lawyer responded to Reuters requests for comment.

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