FTX’s Nishad Singh asks to be spared from prison sentence

FTX’s former head of engineering Nishad Singh has urged a Manhattan federal judge to spare him prison time for his role in the collapse of the cryptocurrency exchange platform.

As Bloomberg reported on Oct. 16, lawyers representing Nishad Singh told the judge that FTX’s former head of engineering should receive a lesser sentence due to allegations that Singh had a limited role in FTX’s collapse and “the exemplary life he devoted to himself.” He presented a note saying that he deserved the punishment. leading”.

They argued that Singh’s cooperation in the investigation process and his determination to rebuild his life were sufficient grounds to pardon him from prison time. Singh becomes the fourth FTX executive to be charged for his role in the crypto exchange’s collapse.

The application described Singh as an “unusually selfless individual” and included more than 100 letters from family, friends and former colleagues testifying to his character.

“His personal history and characteristics, his role in the crimes charged, his speed of cooperation, his response to the collapse of FTX, and how he has rebuilt his life since then,” the lawyers said.

Singh is scheduled to be sentenced on October 30. Meanwhile, former FTX technology chief Gary Wang will receive his sentence on November 20. Singh could face up to 75 years in prison for his involvement in defrauding users of the crypto exchange.

In February 2023, Singh pleaded guilty to six charges, including one count of wire fraud, one count of money laundering conspiracy, three counts of conspiracy to defraud, and one count of conspiracy to defraud the United States by a campaign finance violation. laws.

In October 2023, he testified against former CEO Sam Bankman-Fried as part of a cooperation agreement with the government. Singh, a former Alameda and FTX developer, developed software code that facilitated the transfer of FTX client funds to Alameda Research.

According to the Securities and Exchange Commission, Singh was actively involved in deceiving investors and siphoning nearly $6 million from the company for personal use and expenses as the stock market approached a crash.

In March 2024, Bankman-Fried was sentenced to 25 years in prison after being found guilty of seven counts of fraud and conspiracy. Caroline Ellison, CEO of Alameda Research, was sentenced to two years in prison last month after pleading guilty to the same charges as Bankman-Fried. Ryan Salame, CEO of FTX Digital Markets, was sentenced to 7.5 years in prison at the beginning of this month.