High-Level FTX Executive Agrees to Plead Guilty to Charges

As the story of Sam Bankman-FTX Fried's unfolds, more and more members of his inner circle are coming forward to disclose their role in the exchange's demise. The most recent is Nishad Singh, a former head of engineering. The action was taken less than a month after Singh allegedly met with prosecutors to discuss a plea agreement.

What has Singh been charged with?

Singh admitted to engaging in money laundering, breaking campaign finance rules, and wire fraud. He added that he was "unbelievably regretful" for his part in what transpired and that he was aware that FTX was mismanaging finances in the middle of 2022. Moreover, filings revealed that Singh had taken $6 million out of the exchange for his own use at some point in 2022. He adds his name to a growing list of senior FTX executives who have turned against former CEO Sam Bankman-Fried, who has pleaded not guilty to the accusations brought against him.

Trading platform Robinhood, in which SBF held shares valued at more than $500 million, has been summoned to court to testify about its cryptocurrency sales in light of the FTX case. The trading site warned that if specific SEC rulings were made, they might prevent it from operating for a while.

What comes after SBF?

Sam Bankman-Fried, who is accused of money laundering, wire fraud, and more recently, defrauding the US through illegal political contributions, is scheduled to appear in court for his trial in October of this year. In related cryptocurrency bankruptcy news, the former customers of insolvent crypto lender Voyager voted 97% in favour of a restructuring proposal that would see Binance buy its assets for more than $1 billion. Regulators have, however, also been interested in that transaction.