Nishad Singh, former director of engineering at FTX, has agreed to plead guilty to U.S. criminal charges.
In 2020, Singh tweaked FTX’s software to exempt Alameda from having its assets sold automatically if it were losing too much borrowed money, per Reuters.
“Be extra careful not to liquidate,” Singh wrote in a comment in the platform’s code, which was seen by Reuters.
Meanwhile, Caroline Ellison, who was Alameda’s chief executive, and Gary Wang, who was FTX’s chief technology officer, pleaded guilty to seven and four criminal charges, respectively.
Nishad Singh, former director of engineering at FTX, has agreed to plead guilty to U.S. criminal charges
2/28/2023
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FTX’s former top lawyer, Daniel Friedberg, has also cooperated with prosecutors, but has not been told he is under criminal investigation, a person familiar with the matter told Reuters in early January.
Recently, four new charges were filed against Sam Bankman-Fried, the disgraced founder of now-bankrupt FTX. The charges were related to how SBF created a company with no employees so that FTX.US could get a bank account in California.
Initially, FTX couldn't get a bank account in California because it was not a licensed money services business. However, to circumvent this, SBF created a new company to skirt the prohibitions.
By doing this, the FTX founder reportedly gave false statements on the bank's due diligence questionnaire. These allegations come as part of the revelations in unsealed documents regarding the case.
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The new allegations include the following.
- Conspiracy to commit bank fraud
- Conspiracy to operate an unlicensed money-transmitting business
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