As several high-ranking executives from FTX have pleaded guilty to U.S. prosecutors and have come forward to accuse SBF, Nishad Singh, the former engineering chief of FTX who once shared a luxury home with SBF in Panama, has voluntarily cooperated with U.S. prosecutors following the bankruptcy case of FTX in 2022 and assisted in the accusations against SBF. Recently, U.S. prosecutors stated that due to Singh’s positive cooperation, he would be spared prison time but would still face three years of probation.
Having confronted SBF directly about funding issues, Singh contemplated suicide
Nishad Singh lived with SBF in a $35 million penthouse in the Bahamas. Singh revealed that before FTX’s collapse, he confronted SBF directly in September 2022, questioning the funding shortfall of FTX, to which SBF replied that he would secure funding and reduce costs. Singh indicated that as FTX neared collapse, he was under immense pressure, even experiencing suicidal thoughts. Ultimately, Singh returned to the U.S. in November 2022 to assist prosecutors in the investigation and admitted to six felony counts of fraud and conspiracy. Prosecutors noted that Singh provided critical evidence, and his culpability was deemed lesser than that of SBF and Caroline Ellison, leading to his exemption from prison time but requiring him to undergo three years of probation.
Prosecutors praise Singh’s proactive cooperation, which is bound to “reveal the truth”
Both Singh’s attorney and U.S. prosecutors believe he was quite cooperative during the investigation. In court, Singh expressed deep remorse for his past actions, filled with guilt, and stated that he “bears a heavy social debt.” U.S. prosecutors acknowledged that Singh’s candor and cooperation were instrumental in solving the case, noting that he self-disclosed previously unrecorded conversations in his testimony, reflecting his determination to “reveal the truth.”
Attorney emphasizes Singh was not the mastermind, with SBF and Ellison as primary decision-makers
During the defense in court, Singh’s attorney stated that almost all criminal activities involving the misappropriation of customer funds in the FTX bankruptcy case occurred before Singh joined FTX, with primary decision-makers being SBF and Ellison. The attorney further emphasized that these criminal acts were SBF’s “personal actions,” not Singh’s responsibility.
Several former FTX executives assist in the investigation, Singh faces three years of probation
Currently, multiple former senior executives in the FTX bankruptcy case, including Singh, Ellison, Gary Wang, and Ryan Salame, have collaborated with U.S. prosecutors. Ellison was sentenced to two years in September, while Wang is set to receive his sentence on November 20. Ryan Salame, as a former co-CEO of FTX, was incarcerated on October 11 and is serving a seven-and-a-half-year sentence. Following this ruling, Singh will undertake three years of probation to address his social debt.