Government prosecutors have praised former FTX executive Nishad Singh for his cooperation in investigations related to FTX. Singh, who pleaded guilty to six criminal charges including fraud and conspiracy, provided substantial assistance to the government by explaining how FTX’s code allowed the illegal use of customers’ funds. He also identified transactions by FTX’s founder Sam Bankman-Fried involving stolen money. Additionally, Singh alerted the government to criminal activities that it was not aware of, such as a campaign finance scheme and financial manipulation at FTX.
Singh’s lawyers have requested the judge to consider his cooperation and spare him from prison time. They highlighted his limited role at FTX and his willingness to assist the authorities. Singh, along with FTX’s former chief technology officer Gary Wang, are awaiting sentencing. Bankman-Fried was previously sentenced to 25 years in prison, while Caroline Ellison, the former CEO of Alameda Research, received a two-year sentence. The CEO of FTX Digital Markets, Ryan Salame, recently started serving a 7.5-year prison term for operating an unlicensed money transmitter and conspiring to defraud the Federal Election Commission.
In other news, Bitcoin is nearing a ‘Golden Cross’ amidst concerns about rising U.S. Treasury yields. Nigeria has released Binance’s Gambaryan, and Peter Todd has gone into hiding after being named as Satoshi Nakamoto in an HBO documentary. Nick van Eck is providing insights on navigating the crypto waters, while Bitcoin’s $4.2 billion October options expiry may lead to short-term volatility.
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