FTX Co-founder Pleads Guilty to Fraud and Conspiracy Charges
Login

FTX Co-founder Pleads Guilty to Fraud and Conspiracy Charges

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


It looks like troubles continue to abound with the FTX! Nishad Singh, a co-founder of the collapsed cryptocurrency exchange, has pleaded guilty to multiple US federal fraud and conspiracy charges. This is just the latest twist in the ongoing case against FTX and its co-founder, Sam Bankman-Fried.

Singh admitted to making illegal donations to political candidates and PACs under his name using funds from Alameda Research, FTX’s sibling hedge fund and crypto trading firm. It seems that he wanted to boost the political influence of FTX and Bankman-Fried and contributed a whopping $8 million to Democratic PACs and campaigns during the 2022 election cycle. Now that’s what I call putting your money where your mouth is!

FTX Co-founder Pleads Guilty to Fraud and Conspiracy Charges
Sam Bankman-Fried

FTX and Its Financial Woes

But that’s not all; Singh also revealed that Alameda had borrowed billions of dollars in customer funds from FTX, and by September 2022, it was clear that Alameda wasn’t able to repay those funds. Singh even admitted to falsifying FTX’s revenues at SBF’s behest to make the company more attractive to investors. Talk about cooking the books!

As for SBF himself, well, he’s now facing 12 criminal charges, including stealing billions of dollars in FTX customer funds and misleading investors and lenders. The charges now also include alleged violations of federal campaign finance laws by donating to a super PAC under the names of two executives. I don’t know about you, but that’s starting to sound like a lot of trouble.

But despite all these challenges, FTX continues to operate and remains a significant player in the cryptocurrency space. Who knows what the future holds for this embattled exchange, but one thing’s for sure: this case has more twists and turns than a rollercoaster.

 

You can purchase Lucky Block here. Buy LBLOCK

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News