Former FTX engineering director Nishad Singh has pleaded guilty to fraud charges in connection with the platform’s collapse. Singh claimed that in mid-2022 he knew that Alameda Research was borrowing client funds without their knowledge. Singh is the third ex-FTX agent to admit wrongdoing in FTX’s bankruptcy. For his part, Sam Bankman-Fried continues to claim his innocence in this case.He now faces 4 new counts.
Singh acknowledges his wrongs and promises to cooperate with American justice
While Sam Bankman-Fried continues to deny the charges against him in the platform collapse FTX, his former employees argue otherwise. According to our colleagues from Reuters, the former engineering director of FTX pleaded guilty to the fraud charges. Nishag Singh informed that at the In mid-2022, he knew that Alameda Research was borrowing funds from FTX clients without their knowledge.
I’m incredibly sorry for my role in all of this.
Nishad Singhformer Director of Engineering at FTX
After acknowledging his wrongs, Nishad Singh has pledged to cooperate with justice to shed light on FTX’s collapse. He hopes to obtain clemency from the court, and it seems to be working rather well for him! At the last hearing, the former Director of Engineering of FTX been released on bail of $250,000. Prosecutor Danielle Sassoon even presented him as a returned citizen of the Bahamas for to “assist in the American investigation”.
He wants to do everything he can to make things right for the victims, including helping the government to the best of his abilities.
Statement from Singh’s lawyers
Dropped by his former employees, Sam Bankman-Fried goes from 8 to 12 counts
Singh is not the first FTX employee to plead guilty and cooperate with justice in the investigations surrounding the collapse of FTX. Last December, Caroline Ellison, the former CEO of Alameda, and Gary Wang, the co-founder of FTX, both have pleaded guilty. The two personalities also promised to collaborate with justice in the hope of benefiting from the clemency of the judges.
Since last November, Sam Bankman-Fried is still being prosecuted on eight counts. Appearing in New York court, SBF had pleaded not guilty for all the charges against him last December. While he is still out on bail, Sam Bankman-Fried now faces 4 new counts.
Since last week, Sam Bankman-Fried is accused of conspiracy by the American justice. US prosecutors accuse him of making illegal donations to politicians. According to the justice, these donations were intended to push for the adoption of legislation favorable to FTX. According to a survey of CoinDesk, one-third of US congressmen received a donation from SBF. The platform also invites them to return the funds received.
The donations of Sam Bankman-Fried were not intended only for legislators. More than 21 million dollars had been donated to a pro-LGBT group by two of its collaborators. One of these collaborators is none other than… Nishad Singh. The former FTX engineering director had paid $1.1 million on July 7, 2022 to the Victory Fund, an organization campaigning for the election of LGBTQ people.
As the days pass, the list of charges against Sam Bankman-Fried grows longer. The confessions of his close collaborators also reveal his. Barring any big surprise, he should be condemned for his calamitous management of FTX. The big question remains the fate of the victims of FTX. If FTX customers cannot find their funds, justice will not have been served. Japan has already shown us that this is possible.
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