FTX, one of the world's largest crypto exchanges, applied for bankruptcy on Friday. People did not even recover from the shock that $ 100 million or about 8054 crore rupees of customers were revealed to be missing from the exchange. It is being said in the reports that Sam Bankman, the founder of the exchange, sent this amount from FTX to his trading company Alameda Research without informing anyone. At the same time, now the name of Nishad Singh of Indian origin is coming out in the investigation of this case. Let us tell you that the name of Nishad Singh is also included in the nine special associates of FTX Exchange CEO Sam Bankman-Freud.
The sudden bankruptcy of the FTX Exchange is not easy to digest. It is being said that Sam Bankman sent this amount from FTX to his trading company Alameda Research without informing anyone. It has been told in the report that since the transfer of this total amount, a large part of the customers' funds are missing. Along with the CEO of the exchange, the names of nine others are also under suspicion in this whole matter. One of these names is also of Indian origin Nishad Singh. Reportedly, he used to help FTX exchange CEO Sam Bankman-Freud make decisions on crypto matters. Before FTX Exchange, he also worked for Facebook.
worked in Facebook
It is being told in the reports that Nishad Singh joined Almeida Research, an affiliate of FTX, in December 2017. Which is at the center of this whole controversy. Before this, he worked as a software engineer at Facebook for about five months. According to Nishad's LinkedIn profile, he was working on machine learning at Facebook. He was director of engineering for 17 months at the Alameda Research Center. He then moved to the cryptocurrency exchange FTX in April 2019 and has since held the top engineering position in the same.
Sam is very close to Bankman-Fried
Nishad Singh is being told that he was very close to FTX founder Sam Bankman-Fried. Reports suggest that Gary Wang, the chief technology officer of the FTX exchange, Nishad, and Sam Codd control the exchange's matching engine and funds.
This is how it was revealed
According to the report, the missing funds came to light from records shared with other senior Bankman-Fried executives last Sunday. It is claimed that the current status has been known from these records. The report comes from people holding senior positions at FTX, who were working at the exchange until this week. He has told that the top officials have given him information on the financial condition of the company.
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