FTX officials are falling one by one

Ryan Salama, former co-CEO of FTX Digital Markets, has agreed to transfer his multi-million dollar property in the Bahamas as part of a plea agreement in his criminal case.

This development came following Salama's guilty plea to criminal charges in September 2023, which obligated him to pay $5.6 million in compensation to creditors.

According to a request submitted by FTX Trading Ltd and its creditors to the US Bankruptcy Court for the District of Delaware on May 1, Salama will give up a luxury home he owns in the Bahamas valued at $5.9 million.

Instead of paying in cash, Salama proposes to pay off the debt by transferring legal ownership of the residence to FTX Digital Markets Ltd.

The request stated that “Salama” will pay the refund amount by transferring a residence he owns in the Bahamas, Unit No. 3A in “Marina Residences” in the “Albany 10 Condominium” building (the residence), to “FTX.”

Under this condition, Salama must take all necessary steps to transfer legal ownership of the residence to FTX.

Once legal ownership is transferred, the redemption amount will be considered satisfied.

Creditors state that this arrangement is in their interest.

By avoiding a quick sale of the residence at a discounted price, they can protect their ability to generate income from other properties in the Bahamas.

The difference of $306,822.09 between the appraised value and the redemption amount will be added to the amount Salama owes to the creditors in the promissory note.

It is worth noting that there are many charges brought against Salama, including charges related to conspiracy to make illegal political contributions and defraud the Federal Election Commission, in addition to involvement in a conspiracy to operate an unlicensed money transfer company.