FTX : The legal saga continues around the Salame-Bond couple

Nearly three years after the collapse of FTX, the shadow of the scandal still lingers. Ryan Salame, former co-leader of the platform, is serving a heavy sentence, but his plea deal remains at the center of a legal battle involving his wife, Michelle Bond. The justice system is still trying to unravel the ramifications of an explosive case.

A plea deal that haunts the case

Ryan Salame, former co-CEO of FTX Digital Markets, admitted in 2024 that he used funds linked to FTX to illegally finance political campaigns. Sentenced to over seven years in prison, he seemed to have turned a page on the case.

However, his plea deal is resurfacing today in the proceedings against his wife, Michelle Bond.

Political candidate and influential figure in the financial sector, Bond faces charges of conspiracy and illegal campaign funding. Her lawyers are asking the court to hear her testimony, emphasizing that the mindset of Ms. Bond and her husband at the time of the deal remains a key element of the case.

In short, understanding Salame’s motivations at the time of pleading guilty could play a central role in her defense.

But last Friday, prosecutors rejected this request, ruling that this testimony is unrelated to the case. For the prosecution, Bond cannot use the agreement her husband made to reduce her own charges. 

This new legal confrontation once again illustrates the complexity of the legal ramifications left by the fall of FTX.

FTX, an endless saga for justice and markets

The Salame-Bond case is not played out behind closed doors. It takes place in a context where FTX creditors are still waiting for compensation after the platform’s collapse. 

The FTX Recovery Trust has moreover confirmed the release of an additional 1.6 billion dollars on September 30, the third wave of reimbursement since February. In total, 7.8 billion has already been returned.

This massive flow of capital generates as much hope as concern. For some creditors, it is finally an opportunity to recover their funds, sometimes even over 100% for small claims. 

But for the crypto market as a whole, the sudden injection of liquidity raises questions: will these amounts be reinvested, withdrawn, or trigger new turbulence in already fragile markets?

This contrast between spectacular repayments and long criminal procedures reveals the double fracture left by FTX. On one side, the economic aspect, marked by partial restitution of losses; on the other, the judicial aspect, marked by trials, plea deals, and endless disputes. Each new judicial episode recalls the scale of the scandal and prevents the industry from definitively turning the page.

The Salame-Bond case perfectly embodies this paradox: while the repayments provide a breath of fresh air to creditors, the legal case casts a persistent shadow over the ecosystem. To regain investor confidence, crypto will need not only to settle FTX’s debts, but also to learn lessons from a historic bankruptcy that continues to poison its reputation.