Former FTX Engineering Director Nishad Singh Avoids Jail Time for Role in Multi-Billion Dollar Crypto Fraud Case
Nishad Singh, the former engineering director of FTX, has been exempted from jail time by Judge Lewis A. Kaplan of the New York federal court for his involvement in the multi-billion dollar fraud case surrounding the cryptocurrency exchange FTX. Singh played a crucial role as a key witness, and his testimony contributed to the conviction of Sam Bankman-Fried (SBF), the mastermind behind the fraud case and the founder of FTX.
Singh’s legal team successfully distinguished his actions from those of Gary Wang and Caroline Ellison, arguing that he was not part of the central conspiracy in the case. Singh only became aware of the misappropriation of billions of dollars in client funds by Alameda Research, FTX’s sister hedge fund, in September 2022, just two months prior to FTX’s collapse.
Judge Kaplan acknowledged the distinction, stating, “Your situation is different from Caroline Ellison’s situation in that she has known for years what was going on. She has received a lot of recognition for her cooperation, but you deserve it more.” As part of the agreement, Singh will forfeit his properties in Washington state, shares in Anthropic PBC, and other cryptocurrency assets.
The sentencing of FTX co-founder Gary Wang is scheduled for November 20. Wang is the last of the key cooperating witnesses for the U.S. government to face trial in this case.
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