Former FTX engineering head Nishad Singh got three years of supervised release and time served for stealing user funds and breaking campaign finance rules.
Judge Lewis Kaplan observed during an October 30 hearing in the U.S. District Court for the Southern District of New York that Singh’s involvement in the FTX fraud was much less than that of other executives, such as former CEO Sam Bankman-Fried and Caroline Ellison.
Singh conveyed his profound regret, but his legal representatives contended that Bankman-Fried and Ellison were the primary perpetrators of the majority of the fraudulent actions. Prosecutors requested the court to take into consideration Singh’s cooperation with authorities, stressing the significant help he had provided in the continuing investigation into the activities of FTX.
In addition, Seth Melamed, the former COO of FTX Japan, denied Singh’s statements regarding their communication regarding fund protection during the hearing.
Despite the fact that the judicial processes are still ongoing, the FTX case continues to be a focus point in talks around accountability within the cryptocurrency marketplace.
Gary Wang, one of the co-founders of FTX, is due to get his final sentence on November 20. Bankman-Fried’s legal team is now considering appealing his conviction, which adds another degree of complexity to an already complicated story.
