- FTX’s Nishad Singh requests leniency in his sentencing for cooperation in the FTX investigation.
- Caroline Ellison similarly sought leniency for helping authorities build a case against Sam Bankman-Fried.
- Another former FTX executive, Ryan Salame, surrendered to authorities after being sentenced to 90 months in prison.
Nishad Singh, the former engineering director of FTX, has formally requested leniency from a U.S. federal judge in Manhattan as he faces sentencing for his involvement in the cryptocurrency exchange’s collapse.
According to Bloomberg, Singh’s lawyers argued in an October 16 memorandum that he had a limited role in FTX’s downfall. They highlighted his cooperation with federal investigators and his commitment to living a responsible life.
Singh’s plea mirrors those of other former FTX executives. Former Alameda CEO Caroline Ellison also sought leniency after cooperating extensively with authorities.
Ellison based her request for leniency on her role in exposing financial misdeeds at FTX and Alameda. Despite her cooperation, she received a two-year prison sentence in September 2024. U.S. prosecutors noted that her cooperation helped convict FTX founder Sam Bankman-Fried, who is now serving a 25-year prison sentence.
Ryan Salame’s Surrender
Meanwhile, Ryan Salame, another former FTX executive, surrendered to authorities on October 11, 2024, after being sentenced to 90 months in prison. Salame pleaded guilty to charges related to money transmission and campaign finance violations. He attempted to delay his sentence due to medical reasons, but his request was denied.
Singh’s case further highlights the growing list of FTX executives facing legal consequences for their roles in the company’s collapse.
FTX Repayment on the Horizon
Meanwhile, investors trapped in FTX’s collapse will soon see reimbursement, as repayments are on the horizon.
The court recently approved a plan for the FTX estate to repay $16 billion to users. Those with claims under $50,000 should receive a one-time payment between January and March 2025, while those with claims exceeding that amount can expect multiple payments throughout 2025.
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