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Another top FTX executive pleads guilty

crypto exchange

Another senior member of Sam Bankman-Fried’s management team at collapsed crypto exchange FTX has pleaded guilty to criminal charges.

Nishad Singh, who was the director of engineering at FTX, pleaded guilty to six criminal charges, including fraud and conspiracy, in a New York court on Tuesday, Reuters reported. 

“Nishad is deeply sorry for his role in this and has accepted responsibility for his actions,” his lawyers said in a statement. 

“He wants to do everything he can to make things right for victims, including by assisting the government to the best of his ability in this case.”

Two of Singh’s ex-colleagues – Caroline Ellison, the former CEO of Bankman-Fried’s hedge fund Alameda Research, and Gary Wang, who was the chief technology officer at FTX – pleaded guilty to charges in December. 

Bankman-Fried, who founded FTX and was its CEO, has pleaded not guilty to 12 counts and will face trial later this year. 

FTX founder Sam Bankman-Fried has been released on bail
FTX co-founder and CEO Sam Bankman-Fried has pleaded not guilty to 12 charges relating to the collapse of his crypto exchange. (Note that this image is AI-generated and is based on Sam Bankman-Fried’s likeness – Polemos/MidJourney)

He has been released on a $250 million bond and must remain at his parents’ Californian home until he faces court. 

Prosecutors allege Bankman-Fried stole FTX customer funds to cover losses at Alameda. FTX eventually filed for bankruptcy in November 2022.

According to Reuters, Singh said he knew by mid-2022 that Alameda was borrowing FTX customer funds, and customers were not aware.

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Polemos staff

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