Nishad Singh, former FTX engineering director, received a sentence of time served and three years of supervised release on Oct. 30 for his role in misappropriating user funds and violating campaign finance laws. US District Judge Lewis Kaplan acknowledged the severity of the FTX collapse, one of the largest financial scandals in US history, but noted Singh’s “more limited” role compared to FTX founder Sam Bankman-Fried and former Alameda Research CEO Caroline Ellison.
Singh expressed remorse and cooperated with prosecutors, providing instrumental assistance in the ongoing case against Bankman-Fried, who remains in custody following his bail revocation in August 2023. Singh’s cooperation also aided FTX debtors’ efforts to recoup lost funds, with current FTX CEO John Ray advocating for Singh’s leniency and suggesting his further assistance in bankruptcy proceedings.
Ellison, scheduled to report to prison by Nov. 7, and co-defendant Ryan Salame, who began his sentence in early October, are among the former FTX insiders to face sentencing. FTX co-founder Gary Wang is expected to appear in court for sentencing on Nov. 20.
The FTX scandal has sparked ongoing discussions regarding regulatory reforms in the cryptocurrency sector, with US authorities closely scrutinizing exchanges and decentralized finance platforms.
Mentioned in this article: – Nishad Singh – Lewis Kaplan – Sam Bankman-Fried – Caroline Ellison – John Ray – Ryan Salame – Gary Wang – FTX – Alameda Research
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