Former FTX Group CTO Nishad Singh pleaded guilty to six counts and agreed to cooperate with the investigation. Archyde.com. This is the third top manager of the bankrupt cryptocurrency company to admit his guilt.
Recall that the FTX Group filed for bankruptcy on November 11 last year. The founder of the exchange, Sam Bankman-Fried, was accused of organizing a scheme to deceive investors who invested almost $ 1.8 billion in the crypto exchange. According to the investigation, the founder of FTX transferred client funds to the accounts of his other company, the Alameda Research trading platform.
Mr. Singh pleaded guilty to wire fraud, conspiracy to commit fraud, conspiracy to commit money laundering and conspiracy to defraud the United States by violating campaign finance laws. Mr. Singh stated that he knew as early as mid-2022 that funds from clients of the FTX cryptocurrency exchange were secretly used to finance Alameda.
At the end of December, two more colleagues and partners of Mr. Bankman-Fried, FTX co-founder Gary Wang and former CEO of Alameda Research Caroline Ellison, pleaded guilty in the FTX Group fraud case. They are cooperating with the investigation.
Mr. Bankman-Fried has not yet pleaded guilty to fraud. In December last year, he was arrested in the Bahamas and then extradited to the United States. He is currently under house arrest.