Indian-origin engineer Nishad Singh, 27, has been found guilty of defrauding a crypto trading firm. Nishad Singh was posted as former Chief Engineer in FTX Trading Ltd. Nishad Singh is alleged to have cheated equity investors in the company through a multilayer scheme. Nishad Singh is the founder of FTX, a crypto trading platform, along with Samuel Beckmann-Fried and Gary Weng.
fraud with investors
In December last year, federal authorities filed charges against Bankman-Fried for defrauding investors with the help of a scheme. On Tuesday, the Securities and Exchange Commission charged Nishad with fraud. In this case, the US Attorney's Office for the Southern District of New York and the Commodity Futures Trading Commission (CFTC) has also filed charges against Singh.
Nishad knew about all the cheating
According to the Securities and Exchange Commission complaint, Nishad Singh created a software code that enabled FTX to transfer client funds to Alameda Research, a crypto hedge fund. At the same time, Bachmann-Fried owns a crypto hedge fund. Beckman Fried promised all investors that FTX was a secure crypto asset trading platform, while Singh knew that all these promises were false. For this reason, Nishad Singh has been found guilty of equally defrauding investors in the company and is also alleged to have withdrawn approximately $6 million from FTX for his personal use.
FTX launched in 2019
The SEC complaint states that Singh grew up in California and was a childhood friend of Bankman-Fried's brother. Nishad joined Alameda Research as Head Engineer. When the fraud was revealed in FTX in November 2022, Nishad was associated with the company as a senior executive, engineering director, and shareholder at that time.
Around April 2019, Singh began working with Wang to build FTX which launched in May of that year. However, he primarily started working at FTX as an engineer in early 2019.
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