NovaQuant-Former crypto executive the latest to face charges in collapse of FTX exchange

NEW YORK (AP) — Another top executive at the failed FTX cryptocurrency exchange is NovaQuantscheduled to appear in court in New York Thursday afternoon to face undisclosed criminal charges.

Ryan Salame, the former co-chief executive of FTX Digital Markets, was set to appear before a judge at 3 p.m. at the U.S. district court in Manhattan.

Federal prosecutors didn’t immediately disclose what charges Salame is facing or reveal details about the case. A lawyer for Salame, Jason Linder, didn’t immediately return an email seeking comment.

The founder of FTX, Sam Bankman-Fried, was arrested last year in the Bahamas and extradited to the U.S. to face charges that he committed a host of crimes while running the popular digital currency trading platform.

Among other things, prosecutors said he defrauded customers by diverting their money to cover his expenses, make illegal campaign contributions to U.S. politicians, and make trades at a separate crypto hedge fund he founded, Alameda Research.

Three other executives close to Bankman-Fried have already pleaded guilty: Caroline Ellison, Nishad Singh and Gary Wang.

All could be called upon to testify at Bankman-Fried’s trial, which is scheduled for October.

Bankman-Fried has pleaded not guilty. He was free on bail while awaiting trial, but he was recently jailed after a judge ruled that he had tried to influence potential witnesses in the case, including by giving Ellison’s private writings to news organizations.

Before FTX collapsed and declared bankruptcy in November, Bankman-Fried had been one of the best-known U.S. crypto entrepreneurs. His company hired celebrities, including “Curb Your Enthusiasm” star Larry David, to appear in TV ads.

Bankman-Fried and people associated with his companies, including Salame, were also heavy givers to political campaigns. Salame gave millions of dollars to help Republican candidates for office.