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Convicted FTX executive announces his “new role” in Maryland prison on LinkedIn
Tennessee

Convicted FTX executive announces his “new role” in Maryland prison on LinkedIn

Tired of LinkedIn posts full of clichés like “congratulations” and “well deserved”? Ryan Salame, a convicted former FTX executive, offered something different. He announced his next career move: serving a sentence in a federal prison in Maryland.

“I’m excited to announce that I’m starting a new job as an inmate at FCI Cumberland,” he posted on Microsoft’s online networking platform Thursday, along with the cheery digital graphic that accompanies job postings on LinkedIn.

It’s unusual for someone to so openly mock their own predicament.

Ultimately, Salame expects to spend the next seven and a half years in an orange jumpsuit, assuming he serves his full sentence.

But perhaps he took inspiration from “Pharma Brother” Martin Shkreli, the Turing CEO who was convicted of securities fraud. On his LinkedIn profile, Shkreli explained a five-year career break in the New York City area simply by saying, “I went to prison.”

His post has already received more than 7,500 likes, over 800 comments and has been shared almost 600 times.

“LinkedIn was invented precisely for this post”

The best thing this time, however, are the answers. Too numerous to list or list here, they’re all brimming with gallows humor rarely found on a website known for its steady stream of simple congratulations.

“LinkedIn was invented precisely for this post, and I will not be convinced otherwise,” wrote Igor Khrestin, executive director of global policy at the George W. Bush Institute.

LinkedIn users danced on Salame’s symbolic grave because FTX had become one of the most hated companies in America.

It was the largest corporate fraud since Elizabeth Holmes founded the fake blood diagnostics company Theranos.

Led by self-proclaimed altruist Sam Bankman-Fried – who once hosted Bill Clinton and Tony Blair – FTX became a villain after stealing customer funds to cover gambling bets from its sister crypto hedge fund Alameda Research.

The collapse of FTX marked the peak of the crypto winter

FTX’s collapse in November 2022 marked the culmination of a long crypto winter, during which various scandals discredited an entire industry that served a new generation of digitally savvy consumers.

In 2020 and 2021, millions of people around the world sought freedom and security from the constant whirring of the central bank press by unbanking.

For these people, cryptocurrencies were a refuge from the traditional financial system and paper money backed only by government fiat currencies.

Bankman-Fried, Salame and other accomplices like Caroline Ellison betrayed their trust when they conspired to plug holes in their risky speculations with funds that FTX was supposed to hold as a custodian.

Worse, Bankman-Fried repeatedly tried to deflect criticism and portray his fraud in a more flattering light.

Salame’s boss was ultimately sentenced to 25 years in prison.

However, not everyone liked Salame’s ironic humor.

Wisconsin-based public relations expert Jeremy Tunis called the post a case study in “how to generate zero likeability.”

He argued that instead of the “cringe and go numb” announcement, Salame would have been better advised to release a letter to all victims of the FTX scam acknowledging the pain it caused.

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