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BFD Expert Voices - Private Credit

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Nishad Singh, a former FTX executive and star witness in the prosecution of Sam Bankman-Fried, is expected to be sentenced today over his role in the $8 billion blowup.

Why it matters: The FTX saga is winding to a close, almost exactly two years after the exchange collapsed.

Former CTO Gary Wang, who is scheduled to be sentenced Nov. 20, will be the only FTX executive who pleaded guilty still awaiting his fate.

Catch up quick: Caroline Ellison, who headed FTX's sister hedge fund Alameda Research, was sentenced to two years in prison for her role in the scandal after testifying against Bankman-Fried.

Former co-CEO of FTX Digital Markets Ryan Salame was sentenced to 7.5 years in prison in May. He pleaded guilty to campaign finance violations.

Those sentencings followed Bankman-Fried's receiving a 25-year sentence in March.

Zooming in: Singh, former FTX engineering director, previously pleaded guilty to six felony counts of fraud and conspiracy. Singh's own lawyers have sought no jail time, citing his cooperation with investigators.

Prosecutors at the Department of Justice also wrote a letter this week to the judge in support of a lighter sentencing. It noted that Singh's "information and testimony were critical to bringing charges against Bankman-Fried and Salame."

Singh notably testified about a confrontation with Bankman-Fried in September that implied that the former CEO "was aware of the fraud and knew what he was doing was wrong. The testimony was important to rebut one of Bankman-Fried's defenses: that he was unaware of the fraud."

Ex-FTX engineering chief set to be sentenced

After Singh, one more former executive awaits sentencing.

Nishad Singh, former director of engineering at FTX Cryptocurrency Derivatives Exchange, arrives at court in New York

Stephanie Keith/Bloomberg via Getty Images

Fintech

Nishad Singh, a former FTX executive and star witness in the prosecution of Sam Bankman-Fried, is expected to be sentenced today over his role in the $8 billion blowup.Why it matters: The FTX saga is winding to a close, almost <a class="gtmContentClick" data-vars-link-text="exactly" data-vars-click-url="https://www.axios.com/2024/10/30/crypto-bitcoin-prices-comeback" data-vars-content-id="7d806462-fb28-4d35-b18f-1259d99de708" data-vars-headline="Ex-FTX engineering chief set to be sentenced" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2024/10/30/crypto-bitcoin-prices-comeback" target="_self">exactly</a> two years after the exchange collapsed.

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Ex-FTX engineering chief set to be sentenced

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