Bloomberg: another top FTX executive plans to plead guilty to fraud

Former FTX chief technology officer Nishad Singh plans to plead guilty to fraud for his role in beleaguered exchange. Bloomberg reports, citing its own sources.

According to them, Singh is discussing a possible deal with prosecutors, which has not yet been concluded.

In December, two other associates of Sam Bankman-Fried — the former Alameda Research CEO Caroline Ellison and the exchange’s co-founder Gary Wang — admitted guilt to charges related to the collapse of FTX. Bankman-Fried did not strike a deal with prosecutors.

Singh built the platform’s software and played a central role in FTX’s day-to-day operations. He was in Bankman-Fried’s inner circle, living with him in a penthouse in the Bahamas.

The FTX chief technology officer participated in the transfer of political contributions in the United States. Since 2020 Singh has channeled more than $9.3 million to Democratic candidates. He also obtained a credit facility worth hundreds of millions of dollars from Alameda.

In January, Singh met with prosecutors to provide unsworn testimony. Such sessions grant limited immunity, but do not necessarily lead to a deal with prosecutors.

Earlier, the U.S. Department of Justice charged Bankman-Fried with eight counts.