Nishad Singh was sentenced to time served and three years supervised release
Nishad Singh, a former engineering director at failed cryptocurrency exchange FTX, avoided prison time following a plea deal, receiving a sentence of time served and three years of supervised release. The sentence, announced by Judge Lewis Kaplan in the Southern District of New York on October 30, addressed Singh’s involvement in the misuse of FTX user funds and violations of campaign finance regulations. Singh, the fourth FTX executive to be sentenced in the case, was acknowledged by Judge Kaplan as having a more limited role compared to figures like former CEO Sam Bankman-Fried and ex-Alameda Research CEO Caroline Ellison.
Former cryptocurrency executive Nishad Singh is set to be sentenced for his role in his imprisoned former boss Sam Bankman-Fried’s theft of about $8 billion in customer funds from the now-bankrupt FTX exchange https://t.co/QcauxYOXAG pic.twitter.com/aJfiRVzqDw
— Reuters Legal (@ReutersLegal) October 30, 2024
In court, Singh expressed deep regret, claiming he felt “overwhelmed with remorse” for his actions at FTX. Singh’s legal team argued that his involvement was minor and mainly driven by Bankman-Fried and Ellison. Prosecutors also recognized Singh’s cooperation in providing significant support to the government’s investigation, a factor they urged the court to consider in determining his sentence. John Ray, who assumed control of FTX as its new CEO after Bankman-Fried’s resignation, suggested Singh’s time could be best utilized by assisting with the bankruptcy proceedings.
Judge Kaplan pointed to the gravity of the case, suggesting it could be one of the most serious financial crimes in US history, though he acknowledged Singh’s relatively smaller role in the overall fraud. Other key players have faced harsher outcomes: Ryan Salame, former co-CEO of FTX Digital Markets, began his prison term earlier this month, while Ellison is set to report by early November. Bankman-Fried, meanwhile, remains in custody following the revocation of his bail.
Gary Wang, co-founder of FTX and another central figure, is set for his sentencing hearing on November 20. The case has seen Bankman-Fried’s legal team recently appeal his conviction, signaling ongoing developments in one of the most impactful cryptocurrency fraud cases to date.
