Former FTX Executive Nishad Singh Spared Jail Time, Sentenced to Time Served for $8 Billion Fraud

Oct 30, 2024, 08:01 PM

Former FTX executive Nishad Singh has been sentenced to time served and three years of supervised release for his involvement in the $8 billion fraud at the now-bankrupt cryptocurrency exchange. Singh, who served as FTX's chief engineer, was a key participant in the fraud led by his former boss, Sam Bankman-Fried, who is currently serving a 25-year prison sentence. Singh had pleaded guilty to six felony counts of fraud and conspiracy. His cooperation with authorities and testimony against Bankman-Fried were significant factors in Judge Kaplan's decision to spare him prison time. John Ray, FTX's current CEO, had also submitted a letter of support for Singh, emphasizing the importance of his future cooperation in the ongoing bankruptcy proceedings.