• Former FTX Director of Engineering, Nishad Singh, has pleaded guilty to U.S. criminal charges and agreed to cooperate with the investigation into FTX founder Sam Bankman-Fried.
• He is the third member of Bankman-Fried’s inner circle to plead guilty and cooperate with the probe, following former Alameda Research CEO Caroline Ellison and former FTX Chief Technology Officer Gary Wang.
• The Commodity Futures Trading Commission and Securities and Exchange Commission have also announced lawsuits against Singh for his role in the alleged scheme.
Pressure Mounts on FTX Founder Sam Bankman-Fried
Former Director of Engineering at now-defunct crypto exchange FTX, Nishad Singh, has pleaded guilty to U.S. criminal charges and agreed to cooperate with the investigation into FTX founder Sam Bankman-Fried. The U.S Attorney for the Southern District of New York warned that “the crimes at FTX were vast in scope and consequence.”
Details Of The Charges
Singh pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, money laundering, and federal campaign finance laws violations on Tuesday. He was released on a $250,000 bond and said he would relinquish all proceeds from the scheme. Additionally, the Commodity Futures Trading Commission (CFTC) and Securities And Exchange Commission (SEC) have also filed lawsuits against him over his role in the alleged scheme.
Background On Singh
Nishad Singh is 27 years old graduate from University of California at Berkeley who joined Alameda back in 2017 before establishing FTX two years later with Gary Wang and Sam Bankman-Fried as head of engineering where he played a major role in day-to-day operations . He traveled back from Bahamas after collapse of FTT in November 2020 partially due to US investigation . His lawyers stated “he wants to do everything he can to make things right for victims” while acknowledging his role in it .
Other Pleas In Connection With The Scheme
Prior to this plea by Nishad Singh , former Alameda Research CEO Caroline Ellison had agreed to plead guilty for seven offenses , while Gary Wang ,FTx’s former chief technology officer had already pleaded guilty for criminal charges .
This case serves as an example of how individuals are accountable for their actions no matter what title or position they hold or how famous they are . It is important that justice be served fairly regardless of who is involved if we want our financial markets functioning properly again without any options for frauds or illegal activities taking place within them .