Exchange News - Caroline Ellison and FTX co-founder Gary Wang both pled guilty.
- Bankman-Fried, on the other hand, has pleaded not guilty to the 12 criminal accusations.
The former FTX director of engineering, Nishad Singh, has reportedly entered a guilty plea to criminal charges in the United States, as reported by Reuters. During today’s hearing, Singh’s solicitor revealed his client’s decision to plead guilty. The former director was accused of fraud related to the bankruptcy exchange platform where he had worked.
A prosecutor’s heightened probe of ex-CEO Sam Bankman-Fried’s inner circle apparently led to the allegations against Singh. In addition, the exchange’s co-founder was hit with eight counts of fraud and conspiracy in December, with four more counts added in February.
Given the short lifespan of the crypto market, the fall of FTX may be the most significant financial crime ever committed in the space. Sam Bankman-Fried is awaiting a pending trial for his role in a fraud operation that stole billions of dollars from customers. According to Reuters’s reporting, the plea was “after two of Bankman-Fried’s closest associates in December agreed to cooperate with prosecutors.”
SBF Pleaded Not Guilty
The supplementary indictment further described the alleged means through which Bankman-Fried gained access to client cash via Alameda: the use of custom-written code.
CEO of Alameda Research Caroline Ellison and FTX co-founder Gary Wang both pled guilty to their separate criminal offences. Even though former FTX attorney Daniel Friedberg had volunteered to collaborate with authorities, he was never the focus of any inquiries.
In the FTX fraud case, Singh, Ellison, and Wang have all entered guilty pleas. Bankman-Fried, on the other hand, has pleaded not guilty to the 12 criminal accusations he faces at the moment.
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