The former FTX head of engineering is on the radar of Manhattan prosecutors over the scam that the FTX exchange did with millions of people.
Nishab Singh was head of engineering at the FTX exchange and he was the owner of 7.8% stakes in the FTX exchange. On behalf of his stakes in the FTX, he also secured a $543 million loan from the FTX’s sister crypto hedge platform Alameda Research. In Nov 2022, FTX & Alameda Research collapsed badly. Allegedly FTX co-founder Sam Bankman-Fried (SBF) misused the customer’s fund for personal benefits. To this date, SBF is facing 8 fraud charges in a US court.
Recently many media reports noted that Nishad Singh is now in talks with the Manhattan prosecutors. The prospectors also initiated charges against Nishad over his involvement in the FTX fraud.
Reportedly Nishad wants to cooperate with the prosecutors & he wants to help them to collect evidence against the main culprit behind the whole fraud game which was responsible for the meltdown of the FTX exchange.
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If it will happen then surely it will bring additional regulatory pressure on SBF because already SBF is under 8 fraud charges, which have not been proven yet.
So far other leading FTX former employees like FTX co-founder Gary Wang & Alameda former CEO Caroline Ellison already agreed to cooperate with the prospectors to help them to collect evidence to solve the whole FTX bankruptcy & fraud case.
At the present time, SBF is living with his parents on behalf of a $250 million bail bond, which was signed by his parents & two anonymous guarantees.
Just five days ago, those two anonymous names came to light.
Reportedly none of the guarantors received any kind of payment from any entity including SBF.
In particular Larry Kramer, former dean of Stanford Law School, reportedly said that SBF’s family was very close friends and helped them to fight against cancer treatment over the last two years.
Read also: Michael Saylor Says Bitcoin is a peaceful innovation
FTX’ Nishad Singh negotiating a deal with Manhattan prosecutors in a fraud case
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