Former FTX executive Nishad Singh sentenced for role in $8 billion crypto theft

From Investing.com

October 30, 2024 06:12:11 AM:

Former cryptocurrency executive Nishad Singh faces sentencing for his role in the theft of $8 billion from the bankrupt FTX exchange by his former boss, Sam Bankman-Fried. Singh pleaded guilty to fraud and conspiracy, testifying against Bankman-Fried. Bankman-Fried, serving a 25-year sentence, saw his wealth of $26 billion vanish with FTX’s collapse.

Singh, FTX’s ex-chief engineer, is recommended to receive a lenient sentence by prosecutors, with his lawyers advocating for no prison time. Singh joined the conspiracy late, using customer funds to cover losses at Alameda Research. Bankman-Fried, once a prominent donor, is appealing his conviction. Another former FTX executive, Gary Wang, awaits sentencing.

Read more at Investing.com: Bankman-Fried’s ex-deputy Singh to be sentenced over crypto fraud By Reuters