🎤 Singh When You’re Winning?
Market Meditations | January 10, 2023
Being fresh-faced may not be enough to save you when you’re caught up in the largest financial collapse in history. That must be what Nishad Singh was thinking when he recently travelled to New York to meet prosecutors:
- Reports have surfaced that Nishad Singh is looking for a deal with authorities investigating the downfall of FTX.
- The former engineering director is the third person from FTX’s inner circle understood to be cooperating with the feds.
- Former Alameda CEO Caroline Ellison and Chief Technology Officer Gary Wang have already admitted to fraud.
- According to Coindesk, Singh is rumoured to be “one of three people who controlled the keys to the exchange’s matching engine“. He may also have known about Alameda using FTX customer funds to backstop losses.
- Initially Singh was under supervision by Bahamian authorities along with his boss, Wang.
- But late last month Attorney General Damian Williams issued a statement saying “if you participated in misconduct at FTX or Alameda, now is the time to get ahead of it“.
- Whether Singh will be offered a plea deal will depend on the quality of his testimony.
- It is believed he may have information about political campaign donations, which the new owners of FTX are looking to claw back.
- But being third to the table may also mean that authorities don’t need his testimony as much anymore.