FTX’s Nishad Singh Pleads Guilty to Fraud and Conspiracy Charges

WhileFTX collapsedjust a few months ago , the side effect of the defunct crypto exchange is still developing . Today , FTX ’s former director of engineering Nishad Singh plead guilty to six counts of fraud and confederacy ascourt cases into FTX higher - upscontinue .

As elaborate byReuters , the tally admit one tally of wire dupery , three count of conspiracy to commit wire hoax , one count of conspiracy to commit money laundering , and one count of confederacy to defraud the United States by breach hunting expedition finance laws . U.S. District Judge Lewis Kaplan , who serves the Southern District of New York , accepted the supplication today .

“ I am improbably sorry for my office in all of this , ” Singh said in court , according to Reuters . The electrical outlet is reporting that he also admit that he knew about former FTX CEO Sam Bankman Fried ’s hedge fund , Alameda Research , borrowing FTX customer funds behind customer ’s backs .

Court cases involving former FTX executives, like disgraced CEO Sam Bankman-Fried, continue.

Court cases involving former FTX executives, like disgraced CEO Sam Bankman-Fried, continue.Image: Michael M. Santiago (Getty Images)

Singh was allegedly a close champion of Bankman - Fried ’s younger brother when the two were in high schoolhouse . After run at FTX ’s affiliated trading business firm Alameda Research , Singh moved to FTX as director of engineering in 2019 . Singh ’s supplication softwood comes as the result of yet another investigation intoBankman - fry ’s inner band .

FTX collapsed this past November as the cryptocurrency exchange could not meet the withdrawal demand of its users . Abombshell reportfrom Coinbase direct to the eventual revelation that FTX had used customer fund to fire investment into its co - possess trading firm Alameda Research , leadingFTX to eventually file for Chapter 11 failure . lawcourt - appointed FTX CEO John Ray IIIsaid he ’d never seen “ such an utter failure of corporate mastery at every level of an organization , ” cite to FTX .

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