• Nishad Singh, former director of engineering at the bankrupt crypto exchange FTX pleaded guilty to six criminal charges.
• The charges include wire fraud, conspiracy to commit fraud and money laundering as well as election finance law violations.
• Prior to Singh, Caroline Ellison and Gary Wang plead guilty for their respective parts in the collapse of the crypto exchange.
Nishad Singh Pleads Guilty to Six Criminal Counts
Nishad Singh, the former director of engineering of bankrupt crypto exchange – FTX, pleads guilty to United States criminal charges. As per the disclosure made at a court hearing today, Sing admitted being guilty to six criminal charges including wire fraud, conspiracy to commit fraud, conspiracy to commit money laundering, and conspiracy to defraud the United States by violating election financing laws.
FTX Executives Plead Guilty
Sing is the third person in Sam Bankman-Fried’s (SBF) inner circle who has pled guilty for criminal charges. He was also in headlines for contributing nearly $8 million dollars to Democrats during 2022 elections out of which $1.1 million was donated specifically towards LGBTQ Victory Fund in July 2022. SBF was recently accused of making illegal donations through straw donors and had directed an FTX executive referred as CC-1 (whose name wasn’t revealed)to contribute over $21 million dollars towards a pro-LGBTQ group.
Caroline Ellison & Gary Wang
Prior to Singh pleading guilty for his crimes ,Caroline Ellison – former CEO of Alameda and Gary Wang – co-founder of FTX had already admitted guilt for committing fraud and contributing towards collapse of crypto exchange . Further ,Ellison alone was accused with seven counts altogether carrying 110 years prison time but she stands a chance now due her cooperation with authorities according plea deal between her and Office US attorney southern district New York(USASDNY).
Alteration In Code By Nishad Singh
Nishad singh on other hand was accused altering FTX’s code so as allow Alameda borrow unlimited funds from said crypto exchange .He further commented „be extra careful not liquidate“ while doing so .His decision comes days after reports plea deal between him US attorney office southern district New York surfaced .Though deal remains unknown ,it is believed that he will get away with all these accusations if he cooperates with authorities .
All in all it can be concluded that Nishad sing although has pleaded guilty but still stands a chance escape sentencing if he cooperates with law enforcement agencies which shall be seen in time ahead