FTX: Nishad Singh pleads guilty to criminal charges

Caroline Ellison Gary Wang Nishad Singh Usa New York Reuters CEO Cooper Southern

28.02.2023 - 20:35

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ambcrypto.com:

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, Reuters reported. The charges include wire fraud, conspiracy to commit fraud, conspiracy to commit money laundering, and conspiracy to defraud the United States by violating election financing laws.

Singh is the third person in Sam Bankman-Fried’s (SBF) inner circle to plead guilty to criminal charges. And, he was also in the headlines for contributing nearly $8 million to Democrats during the 2022 election.

Prior to Singh, Caroline Ellison – former CEO of Alameda and Gary Wang – co-founder of FTX admitted to their crimes. They plead guilty to committing fraud and contributing to the collapse of the crypto exchange. And, Ellison alone was accused of seven counts, altogether carrying 110 years in prison time.

However, the former Alameda CEO stands a chance to escape the sentencing in exchange for cooperating with law enforcement agencies This is according to a plea deal between her and the Office of the United States Attorney for the Southern District of New York. While it gives Ellison a cover from all seven counts, the deal does not extend protection to any criminal tax violations.

The story is still developing.