New York: Nishad Singh, a 27-year-old Indian-origin engineer at a crypto asset trading platform, has admitted to charges of committing fraud.
Nishad Singh, a former co-lead engineer of FTX Trading Ltd, is facing federal charges for his role in a multiyear scheme to defraud equity investors in FTX, the crypto trading platform started by Singh along with Samuel Bankman-Fried and Gary Wang.
In December last year, federal authorities had charged Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX.
According to the SEC’s complaint, Singh created a software code that allowed FTX customer funds to be diverted to Alameda Research, a crypto hedge fund owned by Bankman-Fried and Wang, despite false assurances by Bankman-Fried to investors that FTX was a safe crypto asset trading platform with sophisticated risk mitigation measures to protect customer assets and that Alameda was just another customer with no special privileges.
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