The Salame and Bond Story

Were Ryan Salame and Michelle Bond’s ambitions in crypto and politics too big to handle? Could they avoid the scandal, or was their downfall inevitable?

When ambition meets greed

Ryan Salame and Michelle Bond were once the epitome of a power couple; rich, influential and deeply connected to Washington’s political and crypto circles.

As one of FTX’s top executives, Salame had the ear of powerful Republicans whose cause millions supported. Bond, a former U.S. Securities and Exchange Commission attorney, has emerged as a leading crypto policy advocate with ambitions of running for Congress.

Together they seemed unstoppable; Until the collapse of FTX in November 2022 shattered their world.

Both now face prison time; Their once wonderful lives become a tangled web of legal battles, accusations and public shame.

But how did it all happen?

the beginning of the end

To understand the fall of Salame and Bond, we must start with the collapse of FTX.

In November 2022, crypto exchange FTX, once valued at over $32 billion, collapsed after it was revealed that billions of customer funds were missing.

Its founder, Sam Bankman-Fried, orchestrated one of the most devastating financial frauds in US history. But the effects of FTX’s decline didn’t end with Bankman-Fried.

As investigators dug deeper, prosecutors uncovered a complex web of political donations, illegal financial transactions and campaign finance violations; Salame and Bond were right in the middle of it all.

As CEO of FTX Digital Markets, Salame played a critical role in the company’s political support. He had made himself one of the largest conservative donors in the country, pouring millions into Republican campaigns.

His political contributions totaled over $22 million, and it was later revealed that most of this money was obtained illegally from FTX’s coffers. Salame’s donations were part of a broader strategy to gain political influence and promote crypto-friendly policies.

But by August 2023, the game was over. Faced with mounting evidence, Salame pleaded guilty to campaign finance violations and operating an unlicensed money transfer business.

His actions turned out to be a far cry from the excessive political donations he once claimed. He transferred money through FTX to make large contributions in his own name, violating many US laws in the process.

Judge Lewis A. Kaplan, who sentenced Salame to 7.5 years in prison in May 2024, called his actions ‘staggering’ and emphasized how they undermined trust in America’s political system.

Political dream gone awry

Michelle Bond’s story follows a parallel path to Salame’s but has its own twists and turns.

A former attorney at the SEC, Bond has established himself as a crypto policy expert and served as CEO of the Digital Asset Markets Association. And his voice carried weight in Washington.

But like Salame, Bond had ambitions beyond politics. He has launched an ambitious bid for Congress, hoping to represent New York’s 1st Congressional District in 2022.

Donald Trump Jr. Armed with the support of political figures such as and financially backed by his partner Salame, Bond’s campaign aimed to thrust him into the political spotlight. But cracks were beginning to form beneath the surface.

Although Bond publicly presented himself as a self-funded candidate, the reality was much more complex. Federal prosecutors later revealed that most of the money supporting his campaign (more than $1.5 million) did not belong to him, but came from FTX through Salame.

According to court documents, Bond accepted hundreds of thousands of dollars from Salame to finance his campaign; prosecutors allege this money was obtained illegally from FTX.

In August 2024, Bond was indicted for multiple campaign finance violations, marking the beginning of his legal downfall.

The indictment details how Bond allegedly funneled money through consulting agreements and personal payments while maintaining the appearance of compliance with campaign finance laws.

He was once the face of crypto regulation in Washington, but now his career was in ruins. Even after he stepped down as ADAM’s CEO, the taint of the scandal followed him.

His cryptocurrency-backed congressional campaign failed, with Bond receiving only 27% of the vote in the Republican primary.

But his problems extended beyond politics; The legal consequences were now impossible to ignore.

A text exchange between Bond and Salame used as evidence in court painted a dire picture of their financial dealings.

In February 2022, Bond thanked Salame for footing the bill for a consulting firm, to which she replied: “If you’re thanking me for that, the expenses associated with your running will really get me a lot of love.”

But this love would not last long as both of their legal problems worsened.

The collapse of a powerful couple

Beyond the courtroom drama, Salame and Bond’s personal lives were unraveling just as quickly. The couple, who share one child, lived in a $4 million home in Potomac, Maryland, as a symbol of their success.

However, with Salame confessing his crime, this house will now be sold and the proceeds will be used to compensate FTX’s defrauded customers.

Salame claimed that his guilty plea was part of a “tacit agreement” with prosecutors, suggesting that Bond would be excluded if he cooperated. But federal prosecutors denied this and indicted Bond anyway in August 2024.

In a revealing interview, Salame admitted that his involvement in FTX did Bond more harm than good. “Being in a relationship with me was going to be a problem,” he said. “It wasn’t good for him to have me in his life.”

Salame’s repentance came too late; His sentence was to begin in October 2024 at a federal prison in Maryland.

But Salame isn’t giving up yet. He pinned his last hopes on a presidential pardon and counted on a Republican victory in the 2024 US elections that would free him.

In a candid interview, Salame hinted that his best bet is with Donald Trump, given his previous political donations. “I would be much more shocked if Harris made this decision based on political reasons,” Salame said, referring to Democratic candidate Kamala Harris.

But with or without a future pardon, Salame’s reputation has already been permanently damaged.

While Salame prepares for prison, Bond faces the possibility of his own imprisonment depending on the outcome of his trial. But despite the looming legal challenges, Michelle Bond hasn’t given up on her crypto goals.

In June 2024, Bond announced the creation of a think tank called Digital Future, which aims to shape regulatory policies for digital assets and artificial intelligence.

According to Bond, the think tank would advocate for positive regulation in an industry that continues to be rocked by the collapse of FTX.

However, Bond’s statement was met with skepticism. Because his indictment came just two months after he launched Digital Future, many questioned whether he could credibly lead a think tank while under federal investigation.

Although their story is far from over, their fall from grace will likely be remembered for years to come; It’s a reminder of how ambition, greed and a little bit of cryptocurrency can send even the brightest futures spiraling out of control.