Former FTX Executive and Housemate of Sam Bankman-Fried Cutting Immunity Deal With Feds: Report

A former senior executive at bankrupt crypto exchange FTX has met US federal prosecutors with a view of cutting an immunity deal.

According to a new Bloomberg report, Nishad Singh, a former director of engineering at FTX, recently visited the U.S. Attorney’s Office for the Southern District of New York for a proffer session.

In a proffer session, individuals who may be persons of interest or subjects of ongoing federal criminal investigations are given limited immunity to allow them to shed more light on a case.

While a proffer session doesn’t necessarily result in a cooperation agreement, Bloomberg says that FTX founder Sam Bankman-Fried would be left increasingly isolated if Singh ends up striking a deal with federal prosecutors.

Bankman-Fried, who was arrested in December and charged with eight criminal counts, plead not guilty to all the charges last week. FTX co-founder Gary Wang and the former CEO of the disgraced crypto exchange’s hedge fund Alameda Research, Caroline Ellison, plead guilty to various criminal counts in December and are cooperating with prosecutors.

According to a court document filed by the new FTX CEO John Ray, Singh received $543 million in loans from Alameda Research. Bloomberg says that since 2020, Singh has given over $9.3 million to US political candidates and committees including $8 million during the last election cycle.

The business publication also says that US regulatory bodies such as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission are investigating Singh.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines
&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney