Former FTX Engineering Director Pleaded Guilty to Criminal Charges in the US

Former FTX engineering director Nishad Singh has agreed to plead guilty to criminal charges brought by U.S. prosecutors as part of an investigation into the inner circle of FTX founder Sam Bankman-Fried.

Bankman-Fried was charged with fraud and conspiracy in December, with prosecutors alleging that he stole billions of dollars in FTX customer deposits to cover losses at his hedge fund, Alameda Research, and lied to investors and lenders about the financial condition of his companies.

Singh's plea follows those of two of Bankman-Fried's closest associates, Caroline Ellison and Gary Wang, who pleaded guilty to criminal charges in December, Reuters reported.

Singh became FTX's director of engineering in 2019 after working at Alameda and was a close friend of Bankman-Fried's younger brother in high school.

Bankman-Fried has pleaded not guilty. Prosecutors have urged those with knowledge of wrongdoing at FTX to come forward.

The U.S. prosecutors' investigation into FTX has expanded as former executives consider cooperating with authorities.

30-year-old Bankman-Fried became an influential U.S. political donor with an estimated net worth of $26 billion by riding a boom in the values of Bitcoin (CRYPTO: BTC) and other digital assets.

Singh, who also became a major donor to Democratic politicians, contributed $8 million to campaigns in the 2022 election cycle, according to OpenSecrets.

By Binance News | Original Link