Former FTX executive Nishad Singh pleads “guilty” to criminal charges, unlike Sam Bankman-Fried

FTX saga continued on Tuesday with another member of the disgraced Chief Executive Officer (CEO) Sam Bankman-Fried’s inner circle raising hands. Interestingly, the level of impact FTX-related developments have had in the past is losing strength with every passing day, which begs the question if the market has stopped caring about FTX altogether.

Another FTX head goes down

The crypto market witnessed another FTX’s former executive facing the music on Tuesday. Nishad Singh, the ex-Director of Engineering at the bankrupt cryptocurrency exchange, pled guilty to the criminal charges filed against him. In a deal made with the United States prosecutors, Singh achieved the escape from a brutal trial, something that Sam Bankman-Fried did not lean towards.

Unlike the rest of its inner circle, the ex-CEO took a different path and decided to take on the charges made against him by the US prosecutors. Sam Bankman-Fried did not plead guilty to the criminal charges and is now expected to fight them in a trial set to begin around October this year.

Singh joined the rest of the key members held responsible for the crypto exchange’s collapse. FTX co-founder Gary Wang was the first to take the deal from the prosecutors as he pled guilty last year. This was followed by Alameda Research’s former head Caroline Ellison taking on the same route.

FTX collapse loses impact

In the last three months, developments surrounding the FTX case have shown to impact the price of the native token FTT and, a few times, the rest of the market as well. However, even though the case continues to build on, the market seems to have stopped caring for it.

Most recently, the FTT price action has seen no significant change in momentum that can be affiliated with updates regarding the bankruptcy proceedings. 

Trading at $1.50, the FTT price is only following the cue of the cryptocurrency leader, Bitcoin. The occasional fluctuations noted are also from the broader market dynamics or supply-demand pressure but none from the FTX developments.

The reason behind this lack of impact could be the lack of a conclusive direction regarding the case. While the bankruptcy proceedings could go on for a while, Sam Bankman-Fried’s trial could take longer, making its impact superannuated.