FTX CEO Ryan Salame's prison term has been shortened by more than a year, with his new release date set for March 2031.

Rayan Salama, a former top executive at a failed cryptocurrency exchange FTXHe was transferred to federal prison in October to begin serving his 7.5-year sentence for his role in the collapse Sam Bankman FriedA multi-billion dollar cryptocurrency empire.

However, according to Business Insider a reportSuddenly Salama's release date was brought forward by more than a year. Salama is now scheduled to be released on March 1, 2031, just over a year before his original sentence, Federal Bureau of Prisons records show.

Salama pleaded guilty to the criminal charges in May 2023 and began his sentence at the Federal Correctional Institution in Cumberland. He was heavily involved in Bankman-Fried's operations and was among other FTX executives who pleaded guilty in connection with the fraud scheme. While the exact reason behind the lack of rulings remains unclear, the report noted that Salama's lawyers did not respond to requests for comment.

In 2019, Ryan Salama became part of Alameda Research after connecting with Bankman-Fried at a blockchain conference. Alameda Research is FTX's hedge fund, and uses its proprietary technology and trading platform to trade thousands of digital assets, including major currencies, non-fungible tokens, and altcoins. Salama also became CEO of the Bahamas subsidiary FTX.

In 2022, FTX collapsed due to mismanagement of funds, lack of liquidity and large volume of withdrawals. FTX filed for bankruptcy because it couldn't handle everything it had Customer transactions Due to "low liquidity".

Moreover, exchange spent Client funds are illegally transferred, as are loans and projects illegally funded by the Alameda research company. Prosecutors allege that Salama helped FTX accept customer deposits through a US bank account without obtaining the required licenses.