Exchange News- Singh used to be the head of engineering and was considered to be in SBF’s inner circle.
- SBF, on the other hand, is the only one of the defendants to enter a not-guilty plea.
It has been reported that Nishad Singh, a former executive of the crypto exchange FTX, is to plead guilty to fraud charges related to the collapse of the exchange. Singh used to be the head of engineering and was considered to be in Sam Bankman-Fried’s inner circle.
According to Bloomberg, the ex-FTX is now working out the kinks of a plea bargain. On the other hand, federal prosecutors in New York are under no time constraints to complete the preparations for the planned guilty plea.
Slew of Criminal Accusations
That was a disastrous event in the brief history of the cryptocurrency market. Once a foundation of the industry, FTX collapsed in November and filed for bankruptcy. Shattered even more by a slew of criminal accusations filed against the exchange’s top brass.
Nishad Singh, another high-ranking FTX employee, has decided to enter a guilty plea to fraud charges. According to Bloomberg, Singh and New York prosecutors have begun discussions. Additionally, while the two sides debate the nuances of the guilty plea, no specifics have been revealed.
Singh is the latest member of FTX’s upper management to face charges related to the exchange’s illegal activities. Bankman-Fried, co-founder and former CEO, Alameda Research CEO Caroline Ellison, and FTX co-founder and chief technology officer Gary Wang are also on the list.
Bankman-Fried, on the other hand, is the only one of the defendants to enter a not-guilty plea to all eight felonies against him. His trial date will likely be in the latter part of the autumn.
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Source: https://thenewscrypto.com/former-ftx-exec-nishad-singh-reportedly-to-plead-guilty/