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FTX Co-Founder Ryan Salame Sentence Reduced By 1 Year

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FTX co-founder Ryan Salame has now received a reduced sentence from the earlier 7.5 year hail term pronounced earlier. The former executive of the bankrupt exchange is in jail for the role he played in Sam Bankman-Fried’s multi-billion dollar fraud scheme.

What Happened to Ryan Salame?

Salame received the 7.5 year term after he pled guilty to engaging in conspiracy bordering on unlicensed money-transmitting.

Initially, he was scheduled to start his sentence at Maryland’s medium-security Federal Correctional Institution in Cumberland on October 13, a Sunday. However, the court ruled that the date be moved to October 11 on request of the government .

According to a report from Business Insider, the Federal Bureau of Prisons reviewed Salame’s records recently and discovered that his expected release date is March 1, 2031.

This is a year short of the initially sentence that he received. The reason for this adjustment is not yet clear but one Bureau of Prisons spokesman noted that good behavior is a reason for incarcerated individuals to earn time off their sentence under the 2018 First Step Act.

The spokesperson also mentioned that “qualifying individuals will be eligible to earn up to 54 days of GCT time for each year of the sentence imposed by the court.” The GCT term in this case is Good Conduct Time.

The latest development on Salame’s sentence comes as FTX prepares for reorganization and its creditors’ repayments. As part of the plan, it has engaged the services of Kraken and BitGo for the funds’ disbursement.

Fate of Other FTX Executives and the Potential SBF Pardon

Ryan Salame is only one out of the couple of FTX executives that got caught up in the unfortunate implosion of the Bahamian-headquartered cryptocurrency exchange.

The mastermind behind the crash, Bankman-Fried, received a 25-year jail sentence in the first quarter of 2024. Recently, many have opined that U.S President Joe Biden may grant him an early pardon.

Alameda Research former CEO Caroline Ellison is also serving a 2-year penance at a low-security federal prison in Connecticut.

Unlike her, former FTX Chief Engineer Nishad Singh did not receive any jail time for his role in the exchange’s collapse. Co-Executive Gary Wang also received leniency from Judge Lewis Kaplan for following his cooperation with prosecutors.

 

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Why Is GMT Price Skyrocketing 40% While the Crypto Market is Falling?

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1 hour ago

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December 28, 2024

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In a series of surprising events, the GMT price began skyrocketing, especially today, as it’s up 40%. It’s surprising, as the token has been under a major downtrend and consolidation for years. Interestingly, the token is up when the crypto market is falling, gaining every investor’s attention. So, let’s discuss why the FSL ecosystem’s native token is pumping out of the blue.

GMT Price Booming With Increased Trading Volume & OI

STEPN GMT’s price began rising around a month ago, but it fell short and declined again with the crypto market’s downtrend. After that, it hit the month’s bottom at $0.129 before starting a recovery three days ago. This happened because investors’ trading activity increased its demand. This becomes clearer when the 24-hour trading volume hits $1.92B after a 228.37% surge. Additionally, the Coinglass reports reveal a 63% increase in Open Interest.

As a result, the GMT token’s price has surged 40% over the last 24 hours. More importantly, it’s up by 60% over the week, pushing its market capitalization to $621.89M. Interestingly, there is no significant reason behind this increased investor interest, but there was a spike in short liquidations in December. Although this suggests that traders are betting against the current surge, they got liquidated with the GMT price rally.

GMT Token LiquidationGMT Token Liquidation

Eventually, the shorts began rebuying the assets and accelerating the STEPN token price. However, in contrast, the crypto exchange has witnessed an increased inflow of the GMT token. If this inflow or dumping continues, it could eventually affect the GMT price. Additionally, a possible Bitcoin price crash to $60k could influence the entire crypto market’s performance, including GMT.

Will GMT’s Price Rally Sustain?

After a 60% rally over the week, the GMT chart is forming an inverse head and shoulders pattern, which is a sign of a potential bullish reversal. Additionally, the RSI is bullish, adding to the previous outlook, but it’s near the overbuying zone, which could change things in the long term.

However, the Awesome Oscillator is flipping bullish as it attempts to flip above the zero mean level. With that, a breakout above $0.248 could push the STEPN GMT token to $0.4155. However, the price could drop to $0.161 before this breakout, but any move down to $0.161 could disturb the bullish momentum. Careful consideration and strategic trades need to be placed between these zones.

GMT Price PredictionGMT Price Prediction

What Investor’s Should Do?

The FSL ecosystem’s token hit its prime around three and half years ago when it achieved the ATH of $4.11. However, with years of struggle, the target has moved 95% away from that, putting the long holder in a major loss. However, the current situation has opened the opportunity for immediate gains, as the GMT price is constantly moving upwards. As a result, the investors are also getting ready for sale with the inflows rising on the crypto exchanges. Clear strategic planning and careful trades are needed to earn profits, as the STEPN GMT token’s chart forms an inverse head and shoulders pattern. This could push the price to $0.4155 and higher if things went well.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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How PEPE Token Helped a Crypto Investor Earn an Incredible $11.7M?

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4 hours ago

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December 28, 2024

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The PEPE token has taken the lead in gains among the meme coins for years now. Although it had its share of struggles, the Pepe coin price performance has equipped crypto investors with heavy returns. One such investor made $11.7M recently, showcasing the token’s high profit potential. Let’s discuss what’s happening.

Crypto Investor Made $11.7M With PEPE Token’s Downtrend

According to Lookonchain, a popular analytics page on X, a crypto investor made incredibly heavy returns in Pepe Coin. Interestingly, all this happened when the PEPE token was in a dip, shocking every reader. The crypto user has been holding millions of this frog-themed coin and dumped them when the PEPE price began to decline after it hit the ATH of $0.00002825 around three weeks ago.

With that, the crypto investor made $11.7M in profits, which could have been higher if he had not missed the ATH. Regardless, Pepe Coin’s price performance has helped investors make heavy returns. Interestingly, he is still busy accumulating more PEPE. In the last week alone, he has spent $24.5M to buy 1.42T PEPE, continuing his profit-making journey with this frog-theme meme coin.

Crypto Investor PEPE Token InvestmentCrypto Investor PEPE Token Investment

Interestingly, this is not the first person who has made heavy returns with PEPE. Another PEPE trader made millions after turning $70 into $7M over the PEPE’s impressive price performance.

PEPE Token’s Bullish Returns, Price Surged 4% Today

Pepe Coin has become one of the most profitable meme coins ever since the beginning of the year due to its constant surges. With that, he achieved multiple all-time highs within the year, and the most recent was just 19 days ago. However, a downtrend began right after that, pushing the PEPE price 35% away, currently trading at $0.00001829 after a 4% surge in the last 24 hours.

PEPE Price PerformancePEPE Price Performance

Interestingly, this happened with the rising investor interest. Earlier, the PEPE’s trading volume peaked at $2.13 billion, indicating high investor activity and whale buying. Furthermore, the technical indicators show a strong buying zone, which could propel the PEPE price higher and out of this slump.

What’s In There For You?

Considering meme-themed cryptocurrency performance this year, many crypto investors turned bullish, with high returns. As a result, 2024 has become the year of meme coins, which users can consider buying after running proper technical analysis and market research. In today’s case, Pepe Coin is gaining strength on the charts after hitting ATH just a few weeks ago. Now, it has to see if the PEPE token will continue to benefit investors or if the PEPE price will struggle with a market dip.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitcoin and ETH Tumbles, Altcoins Mixed

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8 hours ago

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December 28, 2024

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The crypto market today is experiencing a cool-off period with the holiday season in full swing. Bitcoin (BTC) and Ethereum (ETH) have tumbled, with BTC falling below 95K and ETH now down to the 3300 range. It has been over a month since Bitcoin touched 94K, and it continues trading in a range between 94K and 108K. Top altcoins are showing bearish momentum, with most coins down by 1% to 5% over the last 24 hours.

The overall market cap has also dropped by approximately 2%, now standing at 3.28 trillion. Trading volume has seen a significant decline of 34%, as many investors are in a holiday mood and enjoying the last days of 2024. Market activity is expected to pick up after the first week of January when trading volume will likely return to normal levels. The Fear and Greed Index is currently at 51, indicating a neutral sentiment in the market.

Crypto Market Today: BTC, ETH, XRP, and SOL Prices Drop

Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) have faced significant declines, mirroring the overall market downturn. The holiday season slowdown continues to impact trading volumes and prices.

Bitcoin Market Today

Bitcoin (BTC) price was trading at $94,327, down approximately 2% over the last 24 hours. Its 24-hour low and high were $93,440 and $97,429, respectively. Robert Kiyosaki has made a bold prediction, forecasting that Bitcoin will reach $350,000 by 2025 and urging investors to prioritize self-custody over institutional ETFs.

According to SoSo Value, BTC ETFs saw an outflow of $367 million on Friday, with Fidelity accounting for $208 million of the outflow. Ark & 21Shares reported an outflow of $112 million, while data from BlackRock is still awaited.

Ethereum Market Today

Ethereum (ETH) price dropped by about 1%, now at $3,329, with a 24-hour low of $3,307 and a high of $3,441. The ETH ETF saw an inflow of $27 million yesterday, as Fidelity purchased $27 million worth of Ethereum. This shift in the crypto market today highlights the growing institutional interest in Ethereum.

XRP Market Today

XRP price was trading at $2.144 at the time of writing, down by approximately 2%. Its 24-hour low and high were $2.126 and $2.234, respectively. Pro-XRP lawyer John Deaton has criticized a newly finalized crypto tax reporting rule issued by the Biden administration.

Solana Market Today

Solana (SOL) price was down by 2%, trading at $184. Its 24-hour low and high were $183 and $194, respectively. Coingape analysts reported the reason behind the Solana price dump.

Meme Cryptocurrency Market Today

Meme cryptocurrency market today is following the pattern of top altcoins. Dogecoin (DOGE) was down by 1%, trading at $0.3142, while Shiba Inu (SHIB) dropped by just half a percent in the last 24 hours. BONK, however, saw a 4% increase, with the “BURNmas” event contributing to the burn of over 1 trillion coins.

Crypto Market Gainers Today

Virtual Protocol

Virtual Protocol (VIRTUAL) became the top gainer today, with its price jumping by 15% in the last 24 hours. Its 24-hour low and high were $3.05 and $3.58, respectively. Coingape analysts also reported the top cryptos to invest in for 2025.

Bitget Token

Bitget Token (BGB) price was up by 9% in the last 24 hours, trading at $8.36. The rise in price is mainly due to Bitget revealing plans for an $800 million token burn in the future. This development is affecting the crypto market today, driving positive momentum for Bitget Token.

Crypto Market Losers Today

FTX Token

FTX Token (FTT) price was down by 16%, making it the worst-performing crypto in the last 24 hours. Its 24-hour low and high were $3.27 and $3.93, respectively. This decline reflects the challenges faced by FTX in the crypto market today.

Zcash

Zcash (ZEC) was down by 10%, trading at $61.72. Its 24-hour low and high were $61.61 and $68.92, respectively. This drop reflects the volatility in the crypto market today.

Besides this, there has been no improvement in the hourly chart, and no major change in the price of top altcoins and Bitcoin in the last hour. Most likely, we will see significant price changes in the crypto market today next week, once the holiday period is over.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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