Former FTX executive Nishad Singh was sentenced to time served after pleading guilty.
Nishad Singh was sentenced to time served and supervised probation for three years. The judge noted Singh's limited involvement compared to other FTX executives. Singh cooperated with prosecutors in assisting investigations into the FTX collapse.
Nishad Singh, the former director of engineering at the collapsed cryptocurrency exchange FTX, was sentenced to three years of probation in a federal court in New York on October 30, 2024.
The decision follows Singh's guilty plea in February 2023 to six felony charges related to user money and campaign finance violations.
During the sentencing hearing, Judge Louis Kaplan acknowledged the gravity of the situation, saying, “This may be one of the greatest crimes in American history,” noting that Singh's involvement seemed limited compared to that of FTX founder Sam Bankman. -Fried and former Alameda Research CEO Caroline Ellison.
Singh expressed “shocking remorse” for his actions, underscoring the gravity of his decisions during the FTX turmoil.
Singh's cooperation with federal prosecutors played a significant role in the sentencing outcome. U.S. prosecutors have offered what they described as “significant assistance” in investigations into the FTX collapse, leading to several indictments against former executives.
Singh's attorneys argued for a lenient sentence, emphasizing that the fraud stemmed primarily from the actions of Bankman-Fried and Ellison. The court also noted the views of new FTX CEO John Ray, who suggested that Singh's skills might be more useful in bankruptcy proceedings than serving time in prison.
Banman-Fried will be in prison from August 2023, and Ellison will be in prison until 2023, as Singh's conviction comes as part of a broader crackdown on FTX executives. He is expected to surrender on November 7. FTX's downfall continues, with a recent lawsuit against KuCoin worth more than $50 million as the estate takes legal action to recover lost assets.
As the FTX saga unfolds, Singh is the fourth former executive to be sentenced, with co-founder Gary Wang due to appear in court on November 20.
