Nishad Singh, Indian-origin engineer at FTX, pleads guilty to fraud charges
FTX
Nishad Singh, a former top executive at the cryptocurrency trading platform FTX, has pleaded guilty to the charges of alleged billion-dollar fraud at the firm. The 27-year-old was the former co-lead engineer of FTX Trading Ltd and has pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finances laws.
Nishad is known to have close ties with FTX founder Sam Bankman-Fried and is third executive to plead guilty and cooperate with prosecutors. Gary Wang, co-founder of FTX, and Caroline Ellison, the former head of FTX's sister hedge fund Alameda Research pleaded guilty last year.
Bankman-Fried was charged in December with devising a scheme to defraud equity investors in FTX. The Securities and Exchange Commission charged Singh on Tuesday.
Besides, the US Attorney's Office for the Southern District of New York and the Commodity Futures Trading Commission (CFTC) also announced charges against Nishad. A guilty plea to commodities fraud and other charges had been entered by him in the separate, parallel action against him in the Southern District of New York.
Also Read |New criminal charges slapped on FTX founder Bankman-Fried
SEC's complaint alleges that Singh created a software code that let FTX customer funds to be diverted to Alameda Research. The latter is a crypto hedge fund owned by Bankman-Fried and Wang. This happened even as Bankman-Fried gave false assurances to investors that FTX was a safe crypto asset trading platform with sophisticated risk mitigation measures to protect customer assets and that Alameda was just another customer with no special privileges.
&im=FitAndFill=(700,400))
National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides
)
The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS
)
Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent
)
India names 27 sites in Arunachal Pradesh
)
Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?
&im=FitAndFill=(700,400))
How many soldiers operate one S-400 battery?
)
Shakib Al Hasan ready to return to Bangladesh—under one condition
)
‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal
)
Rockstar to unveil GTA 6 extended look ahead of November launch
)
Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine
)
Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states
)
Technology transfer deal boosts India's defence manufacturing ambitions
)
Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy
)
Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS
)
'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia
)
Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside
)
Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift
&im=FitAndFill=(700,400))
New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more
)
Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot
)
RSS says Gen Z protests reflect genuine distress
)
Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'
)
IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act
)
Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott
&im=FitAndFill=(700,400))
Why the Su-30MKI doesn't need external fuel tanks to fly vast distances
)
Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation
)
New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know
)
India officially names 27 places in Arunachal to counter China's renaming claims
)
Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed
)
US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance
&im=FitAndFill=(700,400))
Why the Su-30MKI is one of the heaviest fighters ever built
)
Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH
)
Chilling video shows students take cover as teen opens fire at Thai school
)
Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report
As per the complaint, Singh was an active participant in the scheme to deceive FTX's investors. Even as FTX closed in on a collapse, Singh withdrew approximately $6 million from FTX for personal use and expenditures. He bought a multi-million dollar house and made donations to charitable causes.
(With inputs from agencies)
WATCH WION LIVE HERE
You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.
