February 28, 2023

Third FTX executive admits charges in cryptocurrency exchange fraud case

Nishad Singh, the former director of engineering at FTX, pleaded guilty to criminal charges in the United States last night and agreed to co-operate with prosecutors’ investigation into Sam Bankman-Fried, founder of the now-bankrupt cryptocurrency exchange.

“I am unbelievably sorry for my role in all of this,” Singh said, adding that he had known by mid-2022 that Alameda Research, Bankman-Fried’s hedge fund, was borrowing FTX customer funds and that customers were not aware. Singh said that he would forfeit proceeds from the scheme.

Bankman-Fried, 30, FTX’s founder, pleaded not guilty to eight criminal charges filed against him in December. Prosecutors say that he stole billions of dollars in FTX customer funds to plug losses at Alameda. He has acknowledged inadequate risk management, but says he

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