Nishad Singh, the former head of engineering department at crypto exchange FTX, has been convicted of taking part in a $1 billion fraud. His guilty plea marks the latest chapter in an ongoing FTX saga involving the alleged misappropriation of funds that have been traced back to his tenure as an executive at the firm.
Charges leveled against Nishad include conspiracy to commit commodities fraud, money laundering, conspiring to make illicit political contributions and deceiving the Federal Election Commission. The arrest serves as yet another reminder that justice will always be served in due course.
Today we charged Nishad Singh, the former Co-Lead Engineer of FTX Trading Ltd., for his role in a multiyear scheme to defraud equity investors in FTX, the crypto trading platform started by Singh, Samuel Bankman-Fried, and Gary Wang.
— U.S. Securities and Exchange Commission (@SECGov) February 28, 2023
When was the Involvement Exposed?
Nishad’s dubious involvement in the FTX conspiracy was exposed last week, with allegations that he funneled hefty funds to left-wing politicians ahead of 2022 midterms. This revelation impugns his character; it also raises questions about the integrity of the political system. A massive $107K was transacted through Bankman-Fried and attributed to Nishad. As the story breaks down, it will become increasingly evident whether this was a calculated ploy or merely unmotivated action.
Nishad, a part of this conspiracy and fraud, has expressed his utmost regret for the plight of those who have been affected by his misdeeds. He is prepared to do everything in his power to rectify his wrongs and assist the government with its inquiry into this unfortunate incident. Nishad’s honesty paid off in court, with the judge releasing him on a $250,000 bond until his sentencing. This decision was certainly in line with Nishad’s flawless character.
