Nishad Singh, former FTX engineering director, received a sentence of time served and three years of supervised release on October 30 for his role in misusing customer funds and violating campaign finance laws. US District Judge Lewis Kaplan acknowledged the significance of the FTX collapse but noted Singh’s more limited involvement compared to FTX founder Sam Bankman-Fried and former Alameda Research CEO Caroline Ellison.
Singh expressed remorse and his cooperation has been crucial to the ongoing case against Bankman-Fried and efforts to recover funds by FTX debtors. FTX CEO John Ray advocated for leniency, suggesting Singh could further assist with bankruptcy proceedings.
Ellison and co-defendant Ryan Salame have also faced sentencing, while FTX co-founder Gary Wang is expected to be sentenced on November 20. The FTX scandal has sparked discussions on regulatory reforms in the cryptocurrency sector, with US authorities closely monitoring exchanges and decentralized finance platforms.