Once seen as a rising power duo in Washington’s cryptocurrency scene, Ryan Salame, a former top executive at FTX, and Michelle Bond, a prominent crypto policy advocate, now find themselves at the center of a legal storm. With their lives upended by the collapse of the FTX crypto exchange, both are now facing potential prison sentences linked to campaign finance violations.
The once-glamorous couple, who recently married in a private ceremony, have fallen from their influential positions, with their legal battles marking another chapter in the ongoing fallout from FTX’s dramatic collapse. Salame, 31, is set to begin a 7 1/2-year prison sentence after pleading guilty to campaign finance fraud. His wife, Bond, 45, is also facing charges related to similar violations tied to FTX.
“I would have preferred a much better understanding of the law myself. Relying on other people didn’t work out very well,” Salame said in a candid interview, reflecting on his situation.
From Political Influence to Legal Trouble
At the height of FTX’s success, Salame was a prominent figure in cryptocurrency circles. A close associate of Sam Bankman-Fried, the founder of FTX, Salame donated tens of millions of dollars to conservative politicians, becoming known as a “budding Republican megadonor.” Meanwhile, Bond, a crypto policy advocate, ran for Congress in 2022 with support from influential figures like Donald Trump Jr. Together, they were seen as a powerful force in both the crypto world and Washington politics.
But FTX’s collapse in late 2022 changed everything. As $8 billion in customer funds disappeared, the company’s implosion sent shockwaves through the cryptocurrency industry. Bankman-Fried has since been convicted of stealing those funds and sentenced to 25 years in prison.
Salame, who had been one of Bankman-Fried’s top lieutenants, was the first FTX executive to face prison time. Prosecutors accused him of illegally funneling money from FTX’s accounts to fund political donations. Salame has admitted to making these contributions, although he claims he did so under bad legal advice.
Campaign Finance Violations and FTX’s Shadow
The case against Salame has had a direct impact on Bond as well. In August, she was charged with campaign finance violations for allegedly using funds from FTX to support her 2022 congressional campaign. She has pleaded not guilty, but the charges have thrown her once-promising political career into disarray.
Salame’s relationship with Bond has also come under scrutiny, as prosecutors allege that Salame directed FTX to create a “consulting agreement” for Bond, paying her $100,000 a year, plus a $400,000 signing bonus. These funds, according to prosecutors, were funneled into her campaign.
“Being in a relationship with me was going to be a problem,” Salame admitted, acknowledging the strain their legal issues have placed on their lives.
Luxury Lifestyle and Legal Consequences
Before the legal troubles began, Salame and Bond enjoyed a luxurious lifestyle, complete with a $4 million house in Potomac, Maryland, a white Porsche, and frequent international travel. Salame invested his growing wealth in a range of assets, including several restaurants in the Berkshires. But with FTX’s collapse, their fortunes have rapidly changed.
Their Potomac home is now set to be sold, with the proceeds surrendered to the government as part of the legal proceedings. Salame has also forfeited his restaurant investments but was allowed to keep his Porsche, as it wasn’t considered valuable enough to seize.
A Saga Still Unfolding
The legal saga surrounding Salame and Bond reflects the far-reaching impact of FTX’s downfall. Salame has expressed remorse for FTX’s collapse, stating that he was unaware of Bankman-Fried’s illegal activities. However, he continues to maintain that he is not guilty of the crimes he admitted to in court, blaming bad legal advice from his former lawyers.
“They were more in bed with the SDNY and the government than I think I would want,” Salame said, criticizing the law firm Mayer Brown, which had represented him.
Salame and Bond are now trying to rebuild their lives. Salame has taken the law school entrance exam, though he admitted, “It wasn’t the Harvard, Yale level.” Bond, meanwhile, has announced plans to start a think tank focused on cryptocurrency and artificial intelligence.
Despite their efforts, the couple’s legal troubles are far from over. Bond’s case is ongoing, and Salame’s involvement in the FTX scandal continues to draw attention. Their story, once a tale of success in the burgeoning crypto industry, has become a cautionary one about the dangers of navigating the high-stakes world of cryptocurrency without fully understanding the risks.
