Activity tagged "crypto"

Ryan Salame (former CEO of the Bahamian portion of FTX) has submitted his sentencing memo. He's asked for no more than 18 months imprisonment for his charges.

He was charged with conspiracy to operate an unlicensed money transmitting business and conspiracy to make unlawful political contributions and defraud the Federal Election Commission.

He argues that he was not substantially involved in the wrongdoing at FTX and instead lays much of the blame on others (mainly Bankman-Fried and Dan Friedberg).

He argues that his substance abuse (alcohol and unspecified drugs), charitable work, and family commitment should be considered in his sentencing.

Salame is the first of the four other high-level FTX employees to be sentenced. He pleaded guilty (as did all the others), but was the only one who did not have a cooperation agreement.

Salame has agreed to restitution (~$5.6 million) and forfeiture ($6 million, two properties, and a business) which he says "will leave him with no remaining assets".

The problem here is not that Rabbit Inc. used to be an NFT company, or that Jesse Lyu was its CEO, or that any of the GAMA team is or was part of making the Rabbit R1. Companies pivot. It happens.   When they do so they communicate how they’re doing so to their users, and do so with transparency. The problem is that it appears that GAMA holders, and anyone who took significant interest in GAMA and the things that Lyu promised — a comic, a television show, a Massively Multiplayer Online Role Playing Game, a physical store to educate people on Web3 and NFTs, a rocket ship with a satellite — were left in the lurch. Less than a year before the Rabbit R1 launched, Lyu was discussing integrating AI into a completely different product, and people believed that he was sincerely focused on creating all the things he’d promised to in GAMA and the Gamaverse.