• FTX’s former exchange employee, Nishad Singh, is reportedly approaching a plea deal with U.S. prosecutors.
• The charges come from the U.S. Attorney’s Office for the Southern District of New York and may be supported by the CFTC and SEC as well.
• Singh was previously involved in developing software used by FTX and Alameda, as well as campaign financing activities related to FTX’s co-founder Sam Bankman-Fried.
FTX Employee Approaches Plea Deal
According to Bloomberg News, former exchange employee of FTX, Nishad Singh, is reportedly preparing to reach a plea deal with U.S. prosecutors. This comes after Manhattan prosecutors prepare to file charges against him based on an investigation launched by the U.S Attorney’s Office for the Southern District of New York (SDNY). Additionally, it has been reported that both the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) may be filing charges as well in support of SDNY’s case against Singh.
Previous Involvement With FTX
Prior to being under investigation, Singh had allegedly been involved in developing software that was used to transfer funds between FTX and Alameda Research – another crypto exchange founded by Sam Bankman-Fried – according to Bloomberg’s report at the time of January 10th 2021 when Singh was said to have discussed a cooperation deal that would likely lead to a plea deal without being accused of any wrongdoing himself at this point in time . Moreover, he had also been implicated in campaign financing activities related directly or indirectly to Bankman-Fried who is currently awaiting trial after being charged back in December 2020 for fraudulently inflating trading volumes on his exchanges including both FTX and Alameda Research .
Additional Plea Deals Made
If Singh were indeed able to reach a plea deal with authorities then this would make him the third individual working closely with either FTT or Alameda Research who have reached such an agreement thus far following Caroline Ellison – former CEO of Alameda Research – and Gary Wang – co-founder of FTT – reaching their respective agreements back in December 2020 where they agreed cooperate with authorities against Bankman-Fried which could prove damaging evidence should his case go ahead as planned .
