Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Nishad Singh sentenced to supervised release

Nishad Singh sentenced to supervised release

GrafaGrafa2024/11/01 06:37
By:Liezl Gambe

Nishad Singh, former head of engineering at FTX (CRYPTO:FTT), has been sentenced to time served and three years of supervised release, avoiding further imprisonment after his involvement in the fraud at the collapsed crypto exchange. 

The sentence, handed down by Judge Lewis A. Kaplan in New York, includes an $11 billion forfeiture. 

Singh’s cooperation with authorities, which involved revealing previously undisclosed misconduct within FTX, significantly influenced the decision to grant him a lenient sentence. 

Singh initially faced up to 75 years in prison after pleading guilty to six criminal charges. 

However, his attorneys argued for leniency, emphasizing his “limited role” in the FTX fraud, his remorse, and efforts to rebuild his life. 

Judge Kaplan acknowledged Singh’s cooperation as “remarkable,” highlighting that his involvement was less extensive than that of former FTX founder Sam Bankman-Fried and ex-Alameda Research CEO Caroline Ellison. 

According to Judge Kaplan, Singh’s cooperation played a critical role in the case, as he assisted authorities over 24 sessions, offering evidence about FTX’s undisclosed activities. 

Singh’s lawyer, Andrew Goldstein, argued that Singh’s role was minor compared to other key figures in FTX, such as Ellison and co-founder Gary Wang. 

“He was not directly involved in the core conspiracy surrounding FTX’s collapse,” Goldstein stated. 

Singh reportedly became aware of Alameda’s improper use of FTX customer funds only two months before the exchange’s failure. 

Prosecutors recognized Singh’s “extensive cooperation” and noted his contributions to exposing a hidden campaign finance scheme linked to FTX. 

Based on these revelations, Singh’s input has been instrumental to the investigation. 

Ellison previously received a two-year sentence, while Bankman-Fried was sentenced to 25 years. 

Ryan Salame, former head of FTX Digital Markets, received seven and a half years after declining to cooperate, while Wang’s sentencing is scheduled for November 20.

At the time of reporting, the FTX price was $1.72.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Donald Trump Allegedly to Appoint Another Cryptocurrency Industry Figure to a High-Level Position in His Administration

US President-elect Donald Trump will allegedly include another cryptocurrency friend in the new administration.

Bitcoinsistemi2024/11/24 23:55

Bitcoin’s Epic Rise Panics the Owner of the Largest Gold ETF – He Talks About BTC

Following the recent major increase in the Bitcoin price, statements came from the owner of the gold ETF.

Bitcoinsistemi2024/11/24 23:55