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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 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.
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