Aaryamann Shrivastava
FXStreet
- FTX co-founder Gary Wang and Alameda Research’s ex-CEO Caroline Ellison had already pleaded guilty.
- FTX founder Sam Bankman-Fried denied accepting the criminal charges against him, leading to the trial starting in a few months.
- Nishad Singh’s deal with the federal prosecutors is yet to be finalized.
FTX saga continued on Friday as another former member of the bankrupt exchange gave themselves up to the feds. With some of the topmost executives of the company complying with law enforcement, it stands to be seen whether the founder Sam Bankman-Fried himself, would do it or not.
FTX executive admits to fraud
Acting as the Director of Engineering at FTX before the cryptocurrency exchange collapsed last November, Nishad Singh gave in to the fraud charges on Friday. Deciding to plead guilty to his role in the alleged fraud, Nishad is yet to finalize a deal with the Federal Prosecutor.
As reported by Bloomberg, Singh might very possibly offer insider details about the operations that went by at FTX, particularly detailing the finance side. This is something the feds have been attempting to get a grasp of.
Furthermore, apart from the fraud charges from Federal Prosecutors, The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) are allegedly looking to sue Nishad Singh. No details from either of the agencies have been shared, though.
Sam Bankman-Fried all alone
With Singh giving up and cooperating with the authorities, Sam Bankman-Fried has now been left alone as the only person from FTX’s inner circle to fight the charges placed against them.
The bankrupt exchange’s co-founder Gary Wang had already pled guilty to the charges placed on him last year. Along with Wang, FTX’s sister company’s ex-CEO Carolie Ellison also took the same route to cooperation.
Sam Bankman-Fried, on the other hand, denied the charges and is now looking at far bigger problems to deal with. Due to his lack of cooperation, Bankman-Fried is now set to face the trial towards the end of Q2.
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