FTX’s Lead Engineer Forced to Forfeit $3.7 Million Vacation Home
Nishad Singh, the lead engineer at FTX, has been forced to forfeit his $3.7 million vacation home in the San Juan islands after pleading guilty to multiple charges related to his role at the cryptocurrency exchange. Singh purchased the property just two weeks before FTX went bankrupt.
Singh, 27, pleaded guilty to charges of wire fraud, money laundering, and campaign finance violations. Prosecutors allege that Singh and his associates misappropriated funds at the exchange for personal use and for trading at Alameda Research.
Authorities believe that the funds used to purchase the vacation home were directly linked to Singh’s crimes. FTX bankruptcy head John Ray has backed the claim that Bankman-Fried and his associates misappropriated funds at the exchange.
Singh purchased the home with money from his FTX account, and the property features six bedrooms, a lap pool, and a hot tub. The home is located on a wooded hill in the San Juan islands.
The forfeiture of the vacation home is just one of the consequences faced by Singh and his associates at FTX. The cryptocurrency exchange went bankrupt last year, and its former CEO, Sam Bankman-Fried, has been accused of misappropriating funds and violating campaign finance laws.
A charity linked to Bankman-Fried has also been accused of accepting illegal donations from foreign nationals. The charity, which supports animal welfare causes, has denied any wrongdoing.
The case against Singh and his associates at FTX is ongoing, and more charges may be filed in the coming months. The forfeiture of the vacation home is a reminder that those who engage in illegal activities in the cryptocurrency industry will be held accountable for their actions.
