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Former FTX exec’s domestic partner indicted on campaign finance charges.

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Ex-congressional candidate and FTX executive’s romantic partner indicted on campaign finance charges

Nishad Singh, a former executive at the now-defunct cryptocurrency exchange FTX, avoided jail time on Wednesday after a federal judge credited his "remarkable" cooperation with prosecutors in the multi-billion dollar fraud case.

Singh, a close friend of Sam Bankman-Fried, ultimately became a prosecution witness against the FTX founder after accepting a plea deal in which he pleaded guilty to six felony counts of fraud and conspiracy. In part due to Singh's testimony, Bankman-Fried was sentenced to 25 years.

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Prior to Singh's sentencing, the defense called for no jail time, stating that Singh only knew of the wrongdoing two months before the collapse of FTX. Assistant US Attorney Nicolas Roos also called for leniency, saying that without Singh's testimony, certain crimes — including his own — wouldn't have been revealed.

At a Manhattan federal court hearing Wednesday, US district judge Lewis Kaplan said, "You did the right thing," to Singh. "You immediately and truthfully...fully unburdened yourself to the government about wrongdoing about which you were aware and which they quite clearly were not."

Last month, Kaplan showed leniency to Caroline Ellison — former CEO of Alameda Research and one-time girlfriend of Bankman-Fried — for her cooperation, sentencing her to two years. On Wednesday he drew a distinction between her case and Singh's, stating, "She was involved from the beginning."

In spite of the lack of jail time, Singh was sentenced to time served, three years of supervised release, and was ordered to forfeit $11B in assets.

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Nishad Singh, a former executive at the now-defunct cryptocurrency exchange FTX, avoided additional jail time on Wednesday after a federal judge credited his "remarkable" cooperation with prosecutors in the multi-billion dollar fraud case.

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Singh, a childhood friend of Sam Bankman-Fried who'd go on to share a $35m Bahamas penthouse with the FTX founder, ultimately became a prosecution witness against the latter after accepting a plea deal in which he pleaded guilty to six felony counts of fraud and conspiracy. In part due to Singh's testimony, Bankman-Fried was sentenced to 25 years' imprisonment earlier in the year.

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Prior to Singh's sentencing, defense attorney Andrew Goldstein called for no jail time, stating that his client only knew of the wrongdoing two months before the collapse of FTX. Assistant US Attorney Nicolas Roos also called for leniency, stating that without Singh's testimony, certain crimes — including his own — would never have been revealed.

At a hearing in Manhattan federal court on Wednesday, US district judge Lewis Kaplan agreed. "You did the right thing," Kaplan told Singh. "You immediately and truthfully, as far as I can see, fully unburdened yourself to the government about wrongdoing about which you were aware and which they quite clearly were not."

Last month, Kaplan also showed leniency to Caroline Ellison — former CEO of sister company Alameda Research and a one-time girlfriend of Bankman-Fried — for her cooperation, sentencing her two years' imprisonment. However, on Wednesday he drew a distinction between her case and Singh's, stating: "She was involved from the beginning. She knew for years."

In spite of the lack of jail time, Singh was sentenced to time served, three years of supervised released and was ordered to forfeit $11B in assets.

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Despite of his involvement in one of the biggest frauds perpetrated in American history, Singh went above and beyond to help prosecutors, helping them uncover crimes they alone would have been unable to reveal. Unlike the other employees of FTX, Singh also became aware of the crimes at a much later stage — an important factor in this case.

Ex-FTX executive spared prison sentence after cooperating against Sam Bankman-Fried

There's a 50% chance that Bitcoin's percentage of total crypto market capitalization will be at least 42.1% in 2025, according to the Metaculus prediction community.

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Bitcoin Dominance in 2025

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Former FTX Executive Avoids Jail After Cooperating

Despite his involvement in one of the biggest frauds perpetrated in American history, Singh went above and beyond to help prosecutors, helping them uncover crimes they alone would have been unable to reveal. Unlike the other employees of FTX, Singh also became aware of the crimes at a much later stage — an important factor in this case.

The collapse of FTX also represents a broader systemic implosion of cryptocurrency and related assets like NFTs. During the chaos of the pandemic economy, the public became more tolerant of what is essentially chaotic gambling with internet money. In the post-pandemic economic conditions that have followed, crypto has been exposed as little more than an ill-advised and dangerous bet.

Crypto collapse: FTX’s fall is one piece of a long, cold, contagious crypto winter

There's a 50% chance that cryptocurrency miners will be considered "brokers" by the IRS by 2025, according to the Metaculus prediction community.

Former FTX Executive Avoids Jail After Cooperating

Former FTX Executive Avoids Jail After Cooperating

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Former FTX Executive Avoids Jail After Cooperating

Former FTX Executive Avoids Jail After Cooperating

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