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FTX board member pleads guilty

Nishad Singh is the third figure to be charged in the FTX fraud case.

By Mike Hesp
• 2 min read
FTX board member pleads guilty

Nishad Singh is the third figure to fall in the FTX fraud case. The legal gauntlet is far from over for him.

The next confession was made in the trial of the FTX crypto exchange fraud case. According to several American media outlets, former chief technology officer Nishad Singh pleaded guilty yesterday, February 28, during a court hearing to six counts of conspiracy.

He had known for months that Alameda Research, the trading firm of FTX founder Sam Bankman-Fried, had lent billions of customer funds from the crypto exchange. Moreover, he had helped falsify the balance sheet.

Singh is the third senior executive to plead guilty, after FTX co-founder Gary Wang and Alameda CEO Caroline Ellison. Bloomberg reported that the confession was part of a plea deal with law enforcement.

The legal gauntlet, however, is not over for the 27-year-old. The U.S. regulatory agencies SEC and CFTC have already announced separate civil actions.

Both agencies accuse Singh of developing the software code that enabled the covert transfer of client assets from FTX to Alameda.

Meanwhile, Sam Bankman-Fried continues to deny all charges. The prosecutor's office has expanded the indictment from eight to twelve counts.

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