In a pivotal development, former FTX executive Nishad Singh has been sentenced to three years of supervised release with no jail time, following his significant cooperation in the investigation of FTX founder Sam Bankman-Fried. Singh, who once served as the engineering director at the now-collapsed crypto exchange, has been ordered to forfeit $11 billion as part of his sentence.

Judge Lewis Kaplan highlighted Singh’s “remarkable” cooperation, noting his swift actions to aid authorities. Singh’s input was instrumental in prosecuting Bankman-Fried, who received a 25-year prison sentence. Singh was a crucial witness, detailing inner workings of FTX’s alleged misuse of funds for political donations and other activities, which prosecutors say totaled over $100 million.

FTX’s current CEO, John Ray III, advocated for leniency, underscoring Singh’s continued assistance with the recovery of assets for FTX creditors. Singh’s ongoing efforts to help recover lost assets and return real estate properties were cited as factors in his non-custodial sentence.

Singh, who now resides in San Francisco, has resumed his career in artificial intelligence, indicating a shift away from the crypto industry. His case marks the latest in a series of judgments on FTX's former leaders as the fallout of the exchange’s collapse continues to reshape the industry. #FTXTrial #FTXScamAlert