According to some reports, another member of the FTX co-founder Sam Bankman Fried’s inner circle, Nishad Singh, is negotiating a plea deal with prosecutors. He has been accused of planning to plead guilty to criminal charges for his role in the alleged fraud at the crypto exchange FTX.
Sources say Nishad Singh nears plea deal
On Friday, Bloomberg reporter Allyson Versprille reported that Nishad Singh, the former director of engineering at FTX, is negotiating a deal with federal prosecutors in Manhattan. Two other individuals from Sam Bankman’’s inner circle, ex-Alameda Research Chief Executive Officer Caroline Ellison and FTX co-founder Gary Wang have already pleaded guilty to charges related to the multiyear fraud that allegedly occurred at FTX in 2019.
Unnamed sources familiar with the matter told Versprille about the agreement, and the reporter noted that the deal with Singh had not been finalised. The prosecutor’s office in the Southern District of New York declined to comment on the alleged deal. Versprille noted that a representative for Bankman Fried declined to comment. If Singh cooperates with authorities against Bankman Fried, the former FTX CEO will be outnumbered, as Wang and Ellison are already cooperating with authorities.
Bankman Fried is awaiting trial on October 3, 2023, and prosecutors have been attempting to restrict his use of specific types of electronic devices. The prosecutors’ action against using specific electric devices is because Bankman Fried was found using VPN in Jan and Feb 2023. The judge has also limited the former FTX executives’ use of end-to-end encrypted messenger services such as Singal. A decision is yet to be made to restrict other electronic device forms.
Nishad sign may be the third member of Bankman’s inner circle to plead guilty
As you know, Nishad Singh is negotiating a plea deal with prosecutors. If he makes the deal and pleads guilty, he will be the third member of Bankma-Fried’s inner circle to do so. It is still unknown whether other FTX or Alameda Research employees are working with the US Fed prosecutors. Williams, SDNY’s top prosecutor, has mentioned twice that if anyone has played a role in the FTX collapse and has not come forward, they should do so before the authorities knock on their door.
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