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FTX Co-founder Nishad Singh Pleads Guilty

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Nishad Singh, co-founder of collapsed cryptocurrency exchange FTX, has pleaded guilty to US federal fraud and conspiracy charges.

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Singh is the third member of Sam Bankman-Fried's inner circle to cooperate with prosecutors in the case against him.

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Singh pleaded guilty to six criminal counts, including wire fraud and conspiracy to defraud the US by violating campaign finance laws.

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Singh agreed to forfeit the proceeds of his actions, including a $543 million loan from Alameda.

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Singh admitted to making illegal donations to political candidates and PACs under his name using funds from Alameda Research.

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Singh claimed that the donations were intended to bolster the political influence of FTX and Bankman-Fried.

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Singh contributed $8 million to Democratic PACs and campaigns during the 2022 election cycle.

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Singh also claimed that Alameda was borrowing billions of dollars in customer funds from FTX, and was unable to repay those funds.

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Singh further alleged that he falsified FTX’s revenues at SBF's request to make the company more attractive to investors.

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