Aaryamann Shrivastava
FXStreet
- FTX co-founder Gary Wang and Alameda Research’s ex-CEO Caroline Ellison had already pleaded guilty.
- FTX founder Sam Bankman-Fried denied accepting the criminal charges against him, leading to the trial starting in a few months.
- Nishad Singh’s deal with the federal prosecutors is yet to be finalized.
FTX saga continued on Friday as another former member of the bankrupt exchange gave themselves up to the feds. With some of the topmost executives of the company complying with law enforcement, it stands to be seen whether the founder Sam Bankman-Fried himself, would do it or not.
FTX executive admits to fraud
Acting as the Director of Engineering at FTX before the cryptocurrency exchange collapsed last November, Nishad Singh gave in to the fraud charges on Friday. Deciding to plead guilty to his role in the alleged fraud, Nishad is yet to finalize a deal with the Federal Prosecutor.
As reported by Bloomberg, Singh might very possibly offer insider details about the operations that went by at FTX, particularly detailing the finance side. This is something the feds have been attempting to get a grasp of.
Furthermore, apart from the fraud charges from Federal Prosecutors, The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) are allegedly looking to sue Nishad Singh. No details from either of the agencies have been shared, though.
Sam Bankman-Fried all alone
With Singh giving up and cooperating with the authorities, Sam Bankman-Fried has now been left alone as the only person from FTX’s inner circle to fight the charges placed against them.
The bankrupt exchange’s co-founder Gary Wang had already pled guilty to the charges placed on him last year. Along with Wang, FTX’s sister company’s ex-CEO Carolie Ellison also took the same route to cooperation.
Sam Bankman-Fried, on the other hand, denied the charges and is now looking at far bigger problems to deal with. Due to his lack of cooperation, Bankman-Fried is now set to face the trial towards the end of Q2.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Gainers Price Prediction: WIF, SPX, XLM - Meme coins shine as Bitcoin hits record high
Cryptocurrency market sentiment improves as Bitcoin reaches a new all-time high, catalyzing a sharp recovery in meme coins such as Dogwifhat, SPX6900, alongside the payment token Stellar.
GMX slumps following $40 million hack on V1 platform
GMX experienced a double-digit decline on Wednesday after the exchange lost $40 million in an exploit targeting its V1 platform and GLP pool on Arbitrum, while its V2 platform remained unaffected.
Tokenization could pull in 5% of $257 trillion global stock, bond markets: Bitwise
Tokenization of stocks and bonds is expected to capture 1-5% of the combined value of the bond and stock markets, currently at $257 trillion, according to Bitwise executives Matt Hougan and Ryan Rasmussen in a note to investors on Wednesday.
Ethereum Price Forecast: ETH surges 5% on Bitcoin's all-time high and GameSquare treasury announcement
Ethereum rallied past $2,700 alongside the broader cryptocurrency market on Wednesday, notching a 5% gain following Bitcoin's surge to a record high near $112,000. The rise in the market underscores Bitcoin's strong correlation with top cryptocurrencies.
Bitcoin: BTC ends Q2 with 30% gains, Standard Chartered eyes $200K by year-end
Bitcoin (BTC) closed a strong second quarter (Q2), recording nearly 30% in quarterly gains amid rising corporate and institutional demand and bullish market sentiment.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.