• Nishad Singh, the former director of engineering of bankrupt crypto exchange FTX, pleads guilty to six criminal charges.
• The charges include wire fraud, conspiracy to commit fraud, conspiracy to commit money laundering and conspiracy to defraud the United States.
• Caroline Ellison – former CEO of Alameda and Gary Wang – co-founder of FTX also plead guilty for their crimes in connection with the collapse of crypto exchange.
Nishad Singh Pleads Guilty
Nishad Singh, the former director of engineering at the now defunct crypto exchange FTX pleaded guilty to six criminal counts in a U.S. court hearing today. These charges include wire fraud, conspiracy to commit fraud, money laundering and violation of election financing laws.
FTX Executives Under Fire
Singh is not alone as two other top executives from FTX have also been charged with various crimes in connection with the collapse of the crypto exchange. Caroline Ellison – former CEO of Alameda – was accused of seven counts carrying a total sentence time amounting up to 110 years in prison while Gary Wang – co-founder of FTX – plead guilty for his own crimes as well. Sam Bankman-Fried (SBF), founder and CEO of FTX was recently accused for making illegal donations through staw donors but did not face any criminal charges himself yet.
Altering The Code For Unlimited Funds
Singh is specifically accused by authorities for altering an undisclosed code which allowed Alameda borrow unlimited funds from FTX’s coffers. He had reportedly commented „be extra careful not to liquidate“ on that code tweak which eventually led him into hot water after further investigations by law enforcement agencies revealed his role in it all.
Plea Deal With U.S Attorney’s Office
Prior to Singh admitting his guilt at the court hearings today, reports had surfaced about a possible plea deal between him and U.S Attorney’s Office for Southern District Of New York which would allow him escape prosecution if he cooperates fully with authorities on this case against SBF and others involved with it all in some way or another. However, no information has been released yet regarding what lies ahead for Ellison who was initially facing 7 counts amounting up to 110 years behind bars but stands a chance now due her plea deal with US attorney’s office which would protect her from all seven counts except any criminal tax violations she may be implicated in during investigations till now or future proceedings related to this case involving SBF and others associated with it directly or indirectly .
Conclusion
Nishad Singh admitted his guilt at US court hearings today thus bringing one more person under probe into limelight who is allegedly connected directly or indirectly with Sam Bankman-Fried (SBF) , founder & CEO of FTX who has recently come under fire due allegations made against him regarding illegal donations made through straw donors during 2022 election cycle where $1 million was donated alone by SBF via a pro LGBTQ group Victory Fund .