Bankruptcy Judge Orders Ryan Salame to Halt Dissipation of $6 Million in FTX-Linked Assets
On Friday, June 27, 2025, Delaware Bankruptcy Judge Karen B. Owens approved a preliminary injunction against former FTX executive Ryan Salame, prohibiting him from dissipating up to $6 million in assets allegedly taken from the cryptocurrency exchange before its 2022 collapse.
The ruling, issued during a hearing in Wilmington, made permanent a temporary restraining order (TRO) that barred Salame from spending the funds, following evidence presented by the FTX Recovery Trust indicating his intent to liquidate the assets.
Judge Owens stated that the trust demonstrated a credible threat to its collection efforts if Salame were allowed to access the funds, should the trust prevail in the ongoing proceedings. The court declined to find that Salame and his wife, Michelle Bond, violated the TRO on most counts related to the alleged commingling and transfer of cash and cryptocurrency assets before the TRO was issued in mid-December 2024. The judge noted that a $370,000 transfer days before the TRO was undisputed but clarified that violations could not occur before the order’s entry.
However, the court found that a January 2025 modification to the deed of Salame and Bond’s Maryland home, executed after the TRO, violated the order by altering Salame’s property rights. Evidence suggested the transfer to Bond was intended to shield the home from the FTX trust and its creditors. While acknowledging the violation, Judge Owens determined no immediate remedy was necessary but ordered Salame and Bond to seek court approval before mortgaging the property.
The court also addressed the FTX trust’s objection to Bond’s use of funds in her Wells Fargo account, ruling that the money, even if originally Salame’s, was available for Bond’s living expenses. Judge Owens noted a lack of sufficient evidence or legal precedent to classify the funds as Salame’s property once deposited into Bond’s account.
Salame, former head of FTX’s Bahamas affiliate, pleaded guilty to fraud charges in 2023 and began serving a seven-and-a-half-year prison sentence in October 2024. In February 2025, Bond was permitted to intervene in the bankruptcy case to secure access to funds for her and her children’s living expenses.
Last August, Bond faced charges for orchestrating a sham consulting agreement with Salame and FTX to funnel $400,000 in illegal corporate contributions to her unsuccessful 2022 congressional campaign in New York’s 1st Congressional District.
On June 27, Judge Owens allowed Salame to use available funds for his legal defense, subject to court review to ensure the funds are his and not subject to recovery by the FTX trust.
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