Nishad Singh, the former engineering chief of the collapsed exchange FTX, met with the federal prosecutors in the U.S. in the hope to get a cooperation deal. He would be the third member of the FTX and SBF’s inner circle who would be ready to cooperate to get possible leniency.
Singh has so far not been accused of any wrongdoings but he did meet the prosecutors in a proffer-session, in the Southern District of New York U.S. Attorney’s Office, as per a report by Bloomberg. However, the meeting does not guarantee a cooperation deal. The prosecutors will see the value of the information that he provides and then will decide if it can be used to plead him guilty and grant leniency.
Former FTX executives, FTX co-founder Gary Wang and Alameda Research CEO Caroline Ellison, have already pleaded guilty and are cooperating with the authorities. On contrary, Sam Bankman-Fried pleaded not guilty to the 8 charges of crimes.
Also read: Nearly $12 Billion Vanishes From Binance’s Assets; What’s Going On?
The Campaign Fiasco of FTX
Singh could give possible insight into the campaign finances of FTX. He himself is a huge donor for Democrats’ election campaigns. Since 2020, he has donated over 9 million USD to the Democratic Party, out of which 8 million USD was given in 2022. Mind The Gap, a political action committee, founded by SBF’s mother, Barbara Fried, received a 1 million USD donation in the year 2022.
SEC is already probing Singh as he also received millions of dollars from Alameda Research as a loan.
SBF has been accused of donating millions of dollars to the political campaigns of Democrats and was a regular visitor of the White House. FTX made donations of 76 million USD and SBF made a pledge to donate a billion dollars in the upcoming 2024 presidential elections.
Also read: CFTC Sues Mango Markets Exploiter On These Charges
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