Former FTX Executive Nishad Singh Seeks to Avoid Jail Time –

• Nishad Singh, a former executive at FTX, seeks court leniency ahead of his October 30 sentencing.
• The defense claims Singh’s role in the fraud was limited.

Nishad Singh, a former executive at the FTX cryptocurrency exchange, is making a plea to avoid prison time as he prepares for his sentencing on October 30. Singh’s legal team has described him as an “uncommonly selfless individual” in their recent filing, which includes over 100 letters of support from family, friends, and colleagues. 

They argue that “Singh’s involvement in the fraud was limited compared to others,” pointing out that he only joined the conspiracy to misuse customer funds in September 2022, just two months before FTX collapsed.

As reported by Bloomberg, Singh pleaded guilty to six serious charges in February 2023, expressing remorse for his actions and fully cooperating with authorities. Nishad’s lawyers emphasize that he should not receive a harsh sentence. They highlight his early admission of guilt. Also, they emphasized his cooperation in the investigation against Sam Bankman-Fried, who received a 25-year prison sentence earlier this year.

FTX Token (FTT) Surges Amid Positive Market Sentiment

As the global crypto market turns positive, the FTX token (FTT) has experienced a significant surge. The cryptocurrency raised over 15% in just 24 hours. FTT began the day at $1.83, then it climbed to $2.12, likely influenced by speculation around the exchange’s repayment plans and restructuring efforts. 

According to CMC data, FTT has displayed a 2.51% decline over the past week. However, it has risen by an impressive 65% in the last month. That indicates potential investor optimism amidst ongoing developments in the FTX saga.

Highlighted News Of The Day

WazirX Poll Controversy Raises Questions Amid Slow Recovery