--- title: "Judas Identified in FTX Last Supper" description: "A Judas figure has emerged in the epic fall from grace of former cryptocurrency exchange CEO Sam Bankman-Fried: former co-CEO Ryan Salame." date: "2022-12-15" modified: "2022-12-15" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/betrayer-ftx-last-supper" categories: - "Blockchain" - "Future Society" tags: - "cryptocurrency exchanges" - "ftx" - "sam bankman-fried" - "the digest" --- # Judas Identified in FTX Last Supper ![A Judas figure has emerged in the epic fall from grace of former cryptocurrency exchange CEO Sam Bankman-Fried: former co-CEO Ryan Salame.]() *\Image: Tom Williams via Getty / Carl Bloch / Futurism\* ## Crypto Judas Call him [Judas](). Call him [Brutus](). Call him a concerned whistleblower. But a figure has emerged in the epic fall from grace of former cryptocurrency exchange CEO Sam Bankman-Fried, and we're fascinated. The company's former co-CEO Ryan Salame told Bahamian regulators of "possible mishandling of clients' assets" by Bankman-Fried two days before FTX filed for Chapter 11 bankruptcy on November 11, [*CNBC* reports](). It's the first insider that we know of to have turned against the disgraced CEO, and it's a fascinating development given the proximity between the two former executives. In other words, it's a tale of betrayal — or, depending on your view, a last-ditch effort to avoid looming legal peril — that speaks volumes about what was going on behind closed doors during the days leading up to FTX's astonishing collapse. ## Turning Cheeks Meanwhile, Bankman-Fried has [publicly apologized]() for mishandling billions of dollars in client funds during [several high-profile interviews]() — to the dismay of his legal representation. The disgraced CEO was eventually [arrested]() by Bahamian authorities Monday evening, and is facing some serious charges by the Justice Department and the Securities and Exchange Commission. According to Salame, only three individuals, including Bankman-Fried and two other FTX executives, were technically able to transfer funds to Alameda, a hedge fund also started by Bankman-Fried, but run by [reported romantic partner Caroline Ellison](). The exchanging and mixing of client funds is at the heart of the controversy. Bankman-Fried maintains he didn't "[knowingly comingle funds]()," but regulators believe Alameda had access to those FTX customer funds. ## Last Supper Bankman-Fried is now facing lengthy court proceedings and will reportedly remain in jail [until February]() after being denied bail. It'll be fascinating to see if other FTX insiders will turn on their former CEO in the coming days and weeks — it wouldn't exactly come as a surprise, considering the sheer chaos and clear legal stakes for everybody involved. **READ MORE:** [FTX insider turned on Sam Bankman-Fried days before bankruptcy, flagging potential fraud to regulators]() \[*CNBC*\] **More on FTX:** *[SBF's Dad Kept Sticking His Fingers in Ears During Court Hearing]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()