Did Ryan Salame and Michelle Bond’s ambitions in the world of cryptocurrency and politics become too overwhelming for them? Could they have avoided the scandal that led to their downfall, or was it inevitable?
Contents:
When Ambitions Meet Greed
The Beginning of the End
The Political Dream Gone Wrong
The Downfall of a Power Couple
When Ambitions Meet Greed
Ryan Salame and Michelle Bond were once a power couple who epitomized wealth, influence, and deep connections in Washington’s political and cryptocurrency circles. Salame, a high-ranking executive at FTX, held sway over powerful Republicans and had millions of dollars to support their causes. Bond, a former lawyer for the U.S. Securities and Exchange Commission, stood out as a prominent advocate for cryptocurrency policies and had aspirations of running for Congress. Together, they seemed invincible – until the collapse of FTX in November 2022 shattered their world.
Now, both Salame and Bond are facing the prospect of prison time, with their once glamorous lives unraveling into a complex web of legal battles, accusations, and public disgrace. But how did it all come crashing down?
The Beginning of the End
To understand the downfall of Salame and Bond, we must start with the implosion of FTX. In November 2022, FTX, a cryptocurrency exchange that was once valued at over $32 billion, collapsed when it was revealed that billions of dollars in customer funds were missing. The founder of FTX, Sam Bankman-Fried, orchestrated one of the most catastrophic financial frauds in U.S. history. However, the consequences of FTX’s collapse didn’t stop at Bankman-Fried.
As investigators delved deeper into the matter, they discovered a convoluted network of illegal financial transactions, campaign finance violations, and political donations – with Salame and Bond right in the middle of it. Salame, who served as the CEO of FTX Digital Markets, played a crucial role in the company’s political outreach. He poured millions of dollars into Republican campaigns, making him one of the top conservative donors in the country. Unfortunately, it was later revealed that many of Salame’s political contributions, totaling over $22 million, were illegally sourced from FTX’s funds. These contributions were part of a broader strategy to gain political influence and advocate for cryptocurrency-friendly policies.
However, by August 2023, Salame’s game was up. Faced with mounting evidence, he pleaded guilty to campaign finance violations and operating an unlicensed money-transmitting business. It became evident that his actions were far from the legitimate political donations he had claimed. Salame had funneled money through FTX to make large contributions under his own name, violating multiple U.S. laws in the process. In May 2024, Judge Lewis A. Kaplan sentenced Salame to 7.5 years in prison, describing his actions as “astonishing” and emphasizing how they had eroded trust in America’s political system.
The Political Dream Gone Wrong
Michelle Bond’s story follows a parallel path to Salame’s but with its own unique twists. As a former lawyer at the SEC, Bond had established herself as an expert in cryptocurrency policy and served as the CEO of the Association for Digital Asset Markets (ADAM). Her voice carried weight in Washington. However, like Salame, Bond had ambitions beyond policy.
In 2022, she launched an ambitious campaign for Congress, aiming to represent New York’s 1st Congressional District. With endorsements from political figures like Donald Trump Jr. and financial backing from her partner Salame, Bond believed her campaign would catapult her into the political spotlight. Yet, beneath the surface, cracks were already forming.
While Bond presented herself as a self-funded candidate, the reality was far more intricate. Federal prosecutors later revealed that a significant portion of the money supporting her campaign – over $1.5 million – did not come from her own funds but was funneled through FTX via Salame. Court documents showed that Bond accepted hundreds of thousands of dollars from Salame to finance her campaign, money that prosecutors argued was illegally sourced from FTX.
In August 2024, Bond was indicted on multiple counts of campaign finance violations, marking the beginning of her legal downfall. The indictment outlined how Bond allegedly channeled money through consulting agreements and personal payments while maintaining the appearance of compliance with campaign finance laws. Once the face of crypto regulation in Washington, Bond’s career now lay in ruins. Even after stepping down as CEO of ADAM, the scandal continued to haunt her. Her congressional campaign, fueled by cryptocurrency money, ended in failure, with Bond only capturing 27% of the vote in the Republican primary.
However, her troubles extended beyond politics, as the legal consequences of her actions became impossible to ignore. A text exchange between Bond and Salame, used as evidence in court, painted a damning picture of their financial dealings. In February 2022, Bond thanked Salame for paying off an invoice from a consulting firm, to which he replied, “If you’re thanking me for that, the expenses on you actually running are going to get me so much love <3." Unfortunately, that "love" didn't last as their legal troubles intensified. The Downfall of a Power Couple Beyond the courtroom drama, Salame and Bond's personal lives were also rapidly unraveling. The couple, who have a child together, had been living in a $4 million home in Potomac, Maryland – a symbol of their success. However, with Salame's guilty plea, that home is now set to be sold, with the proceeds going towards compensating FTX's defrauded customers. Salame claimed that his guilty plea was part of an "implied deal" with prosecutors, suggesting that if he cooperated, Bond would be spared. However, federal prosecutors denied this and ultimately indicted Bond in August 2024. In a candid interview, Salame admitted that his involvement in FTX had brought more harm than good to Bond. He said, "Being in a relationship with me was going to be a problem. It hasn't been great for her, having me in her life." Unfortunately, Salame's regret came too late, as his prison sentence is set to commence in October 2024 at a federal correctional facility in Maryland. Nevertheless, Salame has not given up hope. He is pinning his last chances on a presidential pardon, banking on a Republican victory in the 2024 U.S. elections to secure his freedom. In an interview, Salame hinted that his best shot lies with Donald Trump, given his previous political donations. He stated, "I'd be much more shocked if Harris would grant it based on, sort of, political things," referring to Democratic candidate Kamala Harris. Regardless of whether a pardon is in Salame's future, his reputation has been irreparably tarnished. As Salame prepares for prison, Bond faces the possibility of her own incarceration, depending on the outcome of her trial. However, despite the looming legal challenges, Michelle Bond has not given up on her cryptocurrency ambitions. In June 2024, she announced the establishment of a think tank called Digital Future, aimed at shaping regulatory policies for digital assets and artificial intelligence. According to Bond, the think tank will advocate for favorable regulations in an industry still recovering from FTX's collapse. However, Bond's announcement was met with skepticism. With her indictment occurring just two months after the launch of Digital Future, many question whether she can credibly lead a think tank while under federal investigation. While Salame and Bond's story is far from over, their fall from grace will likely be remembered for years to come, serving as a reminder of how ambition, greed, and a touch of cryptocurrency can spiral even the most promising futures out of control.