WebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Press Releases
Facebook X (Twitter) LinkedIn Telegram
WebsCryptoWebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Press Releases
Bitcoin (BTC) $26,877.20 0.89%Ethereum (ETH) $1,667.13 0.36%BNB (BNB) $215.48 0.14%XRP (XRP) $0.529477 4.00%Cardano (ADA) $0.252787 1.25%Solana (SOL) $20.20 3.34%Dogecoin (DOGE) $0.061819 0.53%Polkadot (DOT) $4.08 0.02%Shiba Inu (SHIB) $0.000007 0.37%Dai (DAI) $1.00 0.00%TRON (TRX) $0.0895 3.73%Polygon (MATIC) $0.523524 0.56%Avalanche (AVAX) $9.18 1.14%Uniswap (UNI) $4.45 0.23%Litecoin (LTC) $66.04 1.63%
Crypto Prices
WebsCrypto
Business

FTX Scandal Deepens: Sam Bankman-Fried’s Right-Hand Man Nishad Singh to Plead Guilty to Fraud

By Simon LawsonFebruary 19, 20233 Mins Read
FTX Scandal Deepens: Sam Bankman-Fried's Right-Hand Man Nishad Singh to Plead Guilty to Fraud
Share
Facebook Twitter Telegram LinkedIn Reddit Email

Nishad Singh, the former director of engineering for collapsed crypto exchange FTX and Sam Bankman-Fried’s right-hand man, is preparing to reach a plea deal with U.S. prosecutors. This comes as Manhattan prosecutors prepare to file fraud charges against Singh. According to sources familiar with the matter, the former FTX executive is planning to plead guilty to fraud charges for his role in the alleged scheme.

The plea deal is expected to include Singh’s cooperation with authorities. This could further isolate Bankman-Fried, who has pleaded not guilty to an eight-count indictment and is awaiting trial. However, the deal with Singh is yet to be finalized.

Advertisements

Singh, who is just 27 years old, played a significant role in the day-to-day operations at FTX as head of engineering. He initially joined Alameda back in 2017 before establishing FTX two years later with Wang and Bankman-Fried.

The collapse of FTX and its group of crypto companies happened when they filed for Chapter 11 bankruptcy in early November. Bankman-Fried was later arrested in The Bahamas after US prosecutors formally filed criminal charges against him. After extradition to the US, he was released from jail after posting a $250m bond in a New York court.

Related News:
  • Robinhood Reacquires Sam Bankman-Fried’s Stake for $606 Million
  • Binance Announces New Stablecoin Amidst Plans to Discontinue BUSD Support

Bankman-Fried is facing eight criminal charges, including wire fraud and conspiracy by misusing customer funds. He is accused of crimes that could result in more than 100 years in prison. His trial is set for October in federal court.

Among other executives of FTX and its sister companies, former Alameda Research CEO Caroline Ellison has agreed to plead guilty to seven offenses. These include charges of wire fraud, securities fraud, and money laundering. Additionally, Gary Wang, FTX’s former chief technology officer, has already pleaded guilty to criminal charges. Both Ellison and Wang are cooperating with federal investigators.

The Commodity Futures Trading Commission and the Securities and Exchange Commission, two top US market regulators, also plan to sue Singh over his role in the alleged scheme.

Notably, Singh is a graduate of the University of California at Berkeley, where he met his longtime girlfriend, Claire Watanabe, who would later join FTX as its head of marketing and HR.

In the latest developments in the FTX saga, a New York judge has put cases against the former FTX CEO brought by the SEC and the CFTC on hold until the criminal cases against him are concluded.

Furthermore, new court documents have eventually revealed the identities of the two mysterious co-signers on FTX founder Sam Bankman-Fried’s bond. They turned out to be Andreas Paepcke and Larry Kramer, Stanford University professors and close friends of SBF’s parents.

The unfolding scandal around FTX and its executives has sent shockwaves through the crypto industry. It highlights the need for better regulation and oversight in the sector, as well as the risks involved in investing in unregulated markets.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
CFTC Exchange FTX Regulation SEC
Simon Lawson
  • X (Twitter)

Simon Lawson has been a professional financial reporter for 6 years. He has in-depth research on the crypto industry and will release major crypto news in a timely manner.

Recommended Reading

Business September 28, 2023

Chase UK Takes a Firm Stance Against Cryptocurrency Transactions Amid Rising Scams

News September 28, 2023

Inflationary Market Bitcoin and Ethereum Remain Steady as Correlation with U.S. Stocks Rises

Markets September 28, 2023

Bitcoin Soars 80% This Year, Outpacing Global Stocks Amid U.S. Banking Crisis and Diminishing Binance Concerns

Markets September 28, 2023

Texas Takes the Lead in Bitcoin Mining, Accounting for 28.5% of US’s Hashrate

News September 27, 2023

Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community

News September 27, 2023

Federal Reserve Report Explores Financial Stability Implications of Tokenized Assets, Citing Growth and Interconnectivity Concerns

The Latest
Business September 28, 2023

Chase UK Takes a Firm Stance Against Cryptocurrency Transactions Amid Rising Scams

News September 28, 2023

Inflationary Market Bitcoin and Ethereum Remain Steady as Correlation with U.S. Stocks Rises

Markets September 28, 2023

Bitcoin Soars 80% This Year, Outpacing Global Stocks Amid U.S. Banking Crisis and Diminishing Binance Concerns

Markets September 28, 2023

Texas Takes the Lead in Bitcoin Mining, Accounting for 28.5% of US’s Hashrate

News September 27, 2023

Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community

EDITOR’S CHOICE
Vitalik Buterin’s Recent Ethereum Transfers Raise Eyebrows in the Crypto Community
Bonds Surge in Appeal as Bitcoin and S&P 500 Navigate Third Quarter Downturn
Robert Kiyosaki: Cryptocurrency is the Future, Fiat Money is on the Decline
Ether (ETH) Prices are Trading at 27% Discount to Fair Value, New Research Shows
News
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Markets
Information
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Price Indexes
  • Market Cap
  • Bitcoin Price
  • Ethereum Price
  • Cardano Price
  • Solana Price
  • Polkadot Price
  • Polygon Price
Services
  • About Us
  • Contact Us
  • Advertise
  • Privacy Policy
  • Terms of Service
WebsCrypto
X (Twitter) Facebook Telegram LinkedIn RSS
© 2023 WebsCrypto

Type above and press Enter to search. Press Esc to cancel.