Former FTX engineer pleads guilty to charges

Illustration: Brendan Lynch/Axios

Former FTX engineering director Nishad Singh pleaded guilty in court on Tuesday to six charges relating to his role in the cryptocurrency platform's dramatic collapse.

  • Separately, Singh was also hit by charges from the Commodity Futures Trading Commission and the Securities and Exchange Commission, with the latter increasingly asserting itself in policing wrongdoing in the battered crypto sector.

Why it matters: Prosecutors are moving to strengthen the case against Sam Bankman-Fried, also known as SBF. FTX's disgraced founder is now facing a range of accusations, with the government unveiling four new criminal charges just last week.

  • Singh is the latest FTX insider federal prosecutors have charged as part of their investigation into what they describe as a years-long scheme to defraud investors, customers, and lenders.
  • SBF, who also co-founded Alameda, was indicted earlier in December and extradited from the Bahamas to the U.S., where he pleaded not guilty to the charges.
  • Caroline Ellison, who served as Alameda's CEO, and Gary Wang, FTX’s former CTO, pleaded guilty to their respective charges shortly thereafter.

Details: Singh pleaded guilty to one count of wire fraud, three of conspiracy to commit fraud, one of conspiracy to commit money laundering and one of conspiracy to defraud the U.S. by violating campaign finance laws.

What we're watching: Who's next from the FTX universe to face charges over their involvement.

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