-: FOLLOW US :- @theinsaneapp
Nishad Singh, co-founder of collapsed cryptocurrency exchange FTX, has pleaded guilty to US federal fraud and conspiracy charges.
-: FOLLOW US :- @theinsaneapp
Singh is the third member of Sam Bankman-Fried's inner circle to cooperate with prosecutors in the case against him.
-: FOLLOW US :- @theinsaneapp
Singh pleaded guilty to six criminal counts, including wire fraud and conspiracy to defraud the US by violating campaign finance laws.
-: FOLLOW US :- @theinsaneapp
Singh agreed to forfeit the proceeds of his actions, including a $543 million loan from Alameda.
-: FOLLOW US :- @theinsaneapp
Singh admitted to making illegal donations to political candidates and PACs under his name using funds from Alameda Research.
-: FOLLOW US :- @theinsaneapp
Singh claimed that the donations were intended to bolster the political influence of FTX and Bankman-Fried.
-: FOLLOW US :- @theinsaneapp
Singh contributed $8 million to Democratic PACs and campaigns during the 2022 election cycle.
-: FOLLOW US :- @theinsaneapp
Singh also claimed that Alameda was borrowing billions of dollars in customer funds from FTX, and was unable to repay those funds.
-: FOLLOW US :- @theinsaneapp
Singh further alleged that he falsified FTX’s revenues at SBF's request to make the company more attractive to investors.