Sam Bankman-Fried finds himself in even more hot water as his former engineering director Nishad Singh agrees to plead guilty to six counts of fraud referring to his time working for the FTX exchange platform. FTX was of course owned by Sam Bankman-Fried making Nishad Singhad only just one of many accessories to a corrupt boss who knew no bounds.
Singh was found guilty of obtaining $543 Million direct from Alameda as a loan, which he has now agreed to forfeit.
He claims to have falsified FTX revenues for SBF to maintain investor optics but that's not all...
With regards to Alameda Research, Singh also admits to having known about Alameda stealing many billions of dollars from the FTX sibling company straight out of the pockets of innocent users account holdings.
Equally as alarming were the illegal political donations Singh admits to have been making under his name, with an attempt to defraud the American people during the 2022 election cycle. Paying off political figures to bolster the influence of Sam Bankman Fried to manipulate the outcome of what should have been a fair vote in favor of the Democratic party. Using retail users money to do this was not only immoral but entirely fraudulent to the highest degree and a direct attack on individual freedoms.
The SEC is now working closely with Nishad, as he cooperates with both them and the CFTC with on-going investigations.
While SBF may have owned a Blockchain exchange, it sure as anything ran just like a corrupt TradFi bank, which is exactly the reason as to why it collapsed.
All of these things may come as a shock to the average person. How could someone lie, steal and cheat like it was nothing, let alone abuse the funds and trust of people who'd never deserve such a thing?
As always the answer is greed, power and corruption...
The very thing true Blockchain technology will continue to fight.
Original Article - https://finance.yahoo.com/news/ftx-co-founder-nishad-singh-pleads-guilty-to-fraud-and-conspiracy-charges-192939749.html
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