Ex-FTX Director Escapes Major Jail Time After Sentencing

Nishad Singh, former engineering director of FTX, was sentenced to time served and three years of supervised release for misappropriating user funds and violating campaign finance laws.

During an October 30 hearing in the U.S. District Court for the Southern District of New York, Judge Lewis Kaplan noted that Singh’s involvement in the FTX fraud was significantly less than that of other executives, including former CEO Sam Bankman-Fried and Caroline Ellison.

Singh expressed deep remorse, while his lawyers argued that most fraudulent activities were driven by Bankman-Fried and Ellison. Singh had cooperated with authorities, which prosecutors urged the judge to consider, highlighting his substantial assistance in the ongoing investigation into FTX’s operations.

READ MORE:

Social Media Account Hack Raises Concerns Over Memecoin Scam

The hearing also featured a denial from Seth Melamed, former COO of FTX Japan, regarding Singh’s claims about their communication on safeguarding funds.

As the legal proceedings continue, the FTX case remains a focal point in discussions about accountability in the cryptocurrency industry.

The final sentencing for FTX co-founder Gary Wang is scheduled for November 20, and Bankman-Fried’s legal team is actively appealing his conviction, adding further layers to this complex saga.

Kosta Gushterov