Outside Source
Former FTX head of engineering, Nishad Singh, urged a Manhattan federal judge to exempt him from a prison sentence for his role in the fall of the cryptocurrency exchange platform.
As reported by Bloomberg on Oct. 16 lawyers representing Nishad Singh filed a memo to the judge that the FTX former head of engineering deserved a lighter sentence due to claims that Singh had a limited role in FTX’s collapse and “the exemplary life he is committed to leading”.
They argued that Singh’s cooperation in the investigation process and his commitment to rebuilding his life were enough grounds to pardon him from a prison sentence. Singh is the fourth FTX executive to be indicted for his role in the crypto exchange’s collapse.
In the filing, Singh was described as an “uncommonly selfless individual” and it included more than 100 letters from family, friends and former colleagues testifying for his character.
“His personal history and characteristics, his role in the charged offenses, the speed with which he cooperated, his response to the collapse of FTX, and how he has rebuilt his life since then,” said attorneys.
Singh is scheduled to be sentenced on Oct. 30. Meanwhile, former FTX chief of technology Gary Wang will receive his sentence on Nov. 20. Singh could face up to 75 years of prison for his involvement in defrauding users of the crypto exchange.
In Feb. 2023, Singh plead guilty to six criminal charges, including one count of wire fraud, one count of conspiring to commit money laundering, three counts of conspiring to commit fraud and one count of conspiracy to defraud the United States by violating campaign finance laws.
In Oct. 2023, he testified against former CEO Sam Bankman-Fried as part of his cooperation agreement with the government. A former Alameda and FTX developer, Singh developed a software code that facilitated the transfer of FTX customer funds to Alameda Research.
According to the Securities and Exchange Commission, Singh actively participated in deceiving investors and withdrawing around $6 million from the company for personal use and expenses as the exchange neared its collapse.
In March 2024, Bankman-Fried was sentenced to 25 years in prison after being found guilty on seven different fraud and conspiracy charges. CEO of Alameda Research, Caroline Ellison, received two years last month after pleading guilty to the same charges as Bankman-Fried. While the CEO of FTX Digital Markets, Ryan Salame, started a 7.5 year prison sentence earlier this month.
This article first appeared at crypto.news
