{"investigation":{"slug":"nishad-singh","entity_name":"Nishad Singh","trust_score":12,"severity_base":null,"score_modifier":0,"confidence":0.93,"status":"published","content_type":"investigation","summary":"Nishad Singh is a former software engineer who served as Director of Engineering at FTX, the cryptocurrency exchange that collapsed in November 2022 following the misappropriation of more than $8 billion in customer funds. Singh pleaded guilty in February 2023 to six criminal charges including wire fraud, commodities fraud, securities fraud, money laundering conspiracy, and campaign finance violations, and was sentenced in October 2024 to time served with no prison after providing extensive cooperation against FTX founder Sam Bankman-Fried. A supplemental CFTC civil settlement was reached in April 2026, requiring Singh to disgorge $3.7 million and subjecting him to a five-year trading ban.","sections":[{"content":"Nishad Singh was born in 1994 and grew up in the San Francisco Bay Area, attending Crystal Springs Uplands School in Hillsborough, California before earning a Bachelor of Science in Electrical Engineering and Computer Science from the University of California, Berkeley in 2017. He worked briefly as a software engineer at Facebook and as a research assistant at Berkeley RISE Lab before joining Alameda Research in late 2017, the quantitative trading firm founded by Sam Bankman-Fried. Singh was introduced to Bankman-Fried through his childhood friend Gabriel Bankman-Fried, the founder's younger brother. When FTX was founded in 2019, Singh became its Director of Engineering, one of the most senior technical positions at the exchange. He lived with Bankman-Fried in the Bahamas, where FTX was headquartered, and became one of the inner circle of executives who were aware of the firm's operations.","heading":"Background and Career at FTX","sources":[{"url":"https://www.cnbc.com/2022/12/06/former-ftx-engineer-quietly-became-millionaire-democratic-donor.html","name":"cnbc.com","type":"other","credibility":3},{"url":"https://prisonpedia.com/wiki/Nishad_Singh","name":"prisonpedia.com","type":"other","credibility":3},{"url":"https://www.dlnews.com/articles/people-culture/ftx-executive-nishad-singh-details-sbf-embarrassing-spending/","name":"dlnews.com","type":"other","credibility":3}],"severity":"medium"},{"content":"According to prosecutors and Singh's own admissions, a GitHub account bearing his name authored code that gave Alameda Research a special exemption from FTX's standard risk controls, allowing Alameda to maintain a negative balance of up to $65 billion on the exchange. Ordinary FTX users who went into the red faced automatic liquidation of their holdings, but Alameda was exempt from this procedure due to the code Singh oversaw. FTX employees in the United States discovered this backdoor as early as May 2022, approximately six months before the exchange collapsed, and flagged the issue to Singh; the loophole was never corrected. Singh later testified that he became aware that Alameda was using FTX customer deposits and that billions of dollars in customer funds were unaccounted for by mid-2022. He stated under oath that he confronted Bankman-Fried about the massive shortfall during an hour-long conversation held in September 2022 on the balcony of their shared Bahamian penthouse. He returned to the United States shortly before FTX declared bankruptcy on November 12, 2022, and had his first meeting with federal prosecutors later that month. Prosecutors alleged that as FTX neared collapse, Singh withdrew approximately $6 million from the exchange for personal use, including the purchase of a multi-million dollar house and donations to charitable causes.","heading":"Role in the FTX Fraud","sources":[{"url":"https://www.theblock.co/post/254916/ftx-employees-discovered-alameda-backdoor-months-before-collapse","name":"theblock.co","type":"other","credibility":3},{"url":"https://www.techmeme.com/221215/p9","name":"techmeme.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/policy/2023/10/05/ftx-employees-knew-about-the-backdoor-to-alameda-months-before-collapse-wsj","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25652","name":"sec.gov","type":"other","credibility":3}],"severity":"medium"},{"content":"On February 28, 2023, Singh appeared in Manhattan federal court and pleaded guilty to six criminal counts: conspiracy to commit wire fraud on customers of FTX, conspiracy to commit wire fraud on lenders of Alameda Research, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the United States by violating campaign finance laws. He faced a maximum statutory exposure of 75 years in prison. Singh was the third senior FTX executive to plead guilty and cooperate with prosecutors, following co-founder Gary Wang and former Alameda CEO Caroline Ellison. His attorneys stated at the time that he was 'deeply sorry for his role in this and has accepted responsibility for his actions' and wanted to 'make things right for victims.' Under his cooperation agreement, Singh agreed to meet extensively with prosecutors and to testify at trial if called.","heading":"Criminal Charges and Guilty Plea","sources":[{"url":"https://www.cnbc.com/2023/02/28/ftx-ex-engineering-head-nishad-singh-pleads-guilty-to-criminal-charges.html","name":"cnbc.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/policy/2023/02/28/former-ftx-engineering-director-nishad-singh-pleads-guilty-to-criminal-charges-reuters","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.cnn.com/2023/02/28/investing/nishad-singh-ftx-guilty-plea/index.html","name":"cnn.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Parallel to the criminal proceeding, the SEC charged Singh on February 28, 2023, the same day as his guilty plea, with defrauding investors in the FTX crypto asset trading platform. The SEC alleged that Singh created software code enabling FTX customer funds to be diverted to Alameda Research despite public assurances from Bankman-Fried that FTX operated with sophisticated risk controls. Singh consented to a bifurcated settlement with the SEC, agreeing to be permanently enjoined from violating federal securities laws and accepting a permanent officer and director bar. The CFTC filed a parallel civil enforcement action, which was resolved through a supplemental consent order finalized on April 1, 2026. Under the CFTC settlement, Singh agreed to disgorge $3.7 million in illegal profits. The CFTC did not seek a separate monetary penalty or restitution, citing his cooperation. Singh was also banned from trading derivatives for five years and prohibited from registering with the CFTC for eight years. The New York Attorney General's Office conducted a separate investigation that was also resolved through Cooley LLP's representation of Singh.","heading":"SEC and CFTC Civil Actions","sources":[{"url":"https://cointelegraph.com/news/sec-cftc-press-civil-charges-against-former-ftx-exec-singh-parallel-to-criminal-case","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://www.bloomberg.com/news/articles/2026-04-01/cftc-resolves-fraud-case-against-ex-ftx-engineering-chief-singh","name":"bloomberg.com","type":"other","credibility":3},{"url":"https://www.sec.gov/newsroom/press-releases/2023-40","name":"sec.gov","type":"other","credibility":3},{"url":"https://blockchainmagazine.net/former-ftx-engineering-chief-nishad-singh-settles-cftc-charges-for-3-7-million/","name":"blockchainmagazine.net","type":"other","credibility":3},{"url":"https://crypto.news/former-ftx-engineer-nishad-singh-agrees-to-3-7m-penalty-in-cftc-settlement/","name":"crypto.news","type":"other","credibility":3}],"severity":"medium"},{"content":"Singh became a prominent political donor after joining FTX, donating more than $13 million to federal campaigns between the 2020 and 2022 election cycles, virtually all to Democratic candidates and causes. His only recorded donation before his FTX role was a $2,700 contribution in 2018. Prosecutors alleged that the campaign donations were made using FTX customer funds routed through Alameda Research and deposited into Singh's personal bank account. Singh testified at Bankman-Fried's trial that he signed blank checks sent by Bankman-Fried's younger brother, which were then used to make contributions to various recipients, and that he personally made donations he would not have made absent direction from Bankman-Fried. The scheme was characterized by prosecutors as one of the largest campaign finance offenses in United States history. Singh's guilty plea to conspiracy to defraud the United States through campaign finance violations covered this conduct.","heading":"Campaign Finance Violations","sources":[{"url":"https://www.cnbc.com/2022/12/06/former-ftx-engineer-quietly-became-millionaire-democratic-donor.html","name":"cnbc.com","type":"other","credibility":3},{"url":"https://fortune.com/crypto/2023/10/16/ftx-straw-donor-sam-bankman-fried-nishad-singh/","name":"fortune.com","type":"other","credibility":3},{"url":"https://slate.com/technology/2023/10/sam-bankman-fried-political-donations-celebrity-endorsements-michael-kives.html","name":"slate.com","type":"other","credibility":3},{"url":"https://www.theblock.co/post/192654/ftx-prolific-democrat-party-donor-cnbc","name":"theblock.co","type":"other","credibility":3}],"severity":"medium"},{"content":"Singh's cooperation with federal prosecutors was described by Judge Lewis Kaplan as 'remarkable.' Prosecutors met with Singh on at least 24 separate occasions for multiple hours each. He testified at Bankman-Fried's October 2023 trial and was described by prosecutors as providing a 'core part' of the government's case. His testimony helped the jury understand how FTX's code permitted the illegal use of customer funds, and he provided detailed identification of specific transactions in which Bankman-Fried used stolen customer money. Singh disclosed details about Bankman-Fried's spending on celebrity endorsements, real estate investments, and venture capital bets. Prosecutors stated that Singh brought to the government's attention criminal conduct — including elements of the campaign finance scheme — that the government was not aware of and might never have discovered independently. John Ray, who took over as FTX CEO during the bankruptcy, submitted a letter on Singh's behalf, stating that Singh had provided the FTX debtors with valuable assistance and voluntarily returned Bahamian real estate purchased with FTX funds.","heading":"Cooperation and Trial Testimony","sources":[{"url":"https://www.marketplace.org/story/2023/10/19/what-we-learned-from-nishad-singhs-testimony-in-the-sbf-trial/","name":"marketplace.org","type":"other","credibility":3},{"url":"https://www.courthousenews.com/no-jail-time-for-former-ftx-exec-nishad-singh-an-early-cooperator-against-bankman-fried/","name":"courthousenews.com","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/ftx-nishad-singh-sentencing-memo-prosecutors-cooperation","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://www.cnbc.com/2024/10/30/ftxs-nishad-singh-gets-not-jail-time-3-years-supervised-release.html","name":"cnbc.com","type":"other","credibility":3}],"severity":"medium"},{"content":"On October 30, 2024, United States District Judge Lewis Kaplan sentenced Singh to time served and three years of supervised release, imposing no additional prison term. Singh was the fourth FTX executive to be sentenced. The judge stated he was 'entirely persuaded' that Singh's involvement in the fraud was far more limited than that of Sam Bankman-Fried or Caroline Ellison, and that Singh had been 'put in a difficult position by Bankman-Fried.' Singh was ordered to forfeit $11.2 billion, consistent with the broader FTX forfeiture judgment, and was required to give up Bahamian real estate, shares of AI company Anthropic acquired using FTX funds, and crypto assets. Singh delivered a statement of remorse at sentencing. The no-prison outcome drew criticism from Better Markets, a financial reform advocacy group, which argued that cooperation should not constitute a complete exemption from incarceration for someone who participated in one of the largest financial frauds in United States history.","heading":"Sentencing","sources":[{"url":"https://www.cnbc.com/2024/10/30/ftxs-nishad-singh-gets-not-jail-time-3-years-supervised-release.html","name":"cnbc.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/policy/2024/10/30/ftxs-nishad-singh-gets-no-prison-time-for-role-in-crypto-exchange-collapse","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.aljazeera.com/economy/2024/10/30/former-ftx-executive-nishad-singh-spared-prison-for-cooperation","name":"aljazeera.com","type":"other","credibility":3},{"url":"https://bettermarkets.org/newsroom/ftx-co-conspirator-nishad-singhs-cooperation-convicting-ftx-kingpin-sam-bankman-fried-was-important-but-not-a-get-out-of-jail-free-card/","name":"bettermarkets.org","type":"other","credibility":3},{"url":"https://www.nbcnews.com/tech/tech-news/ftxs-nishad-singh-gets-no-jail-time-role-crypto-fraud-rcna178120","name":"nbcnews.com","type":"other","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2017","event":"Nishad Singh joins Alameda Research as an engineer after graduating from UC Berkeley","source":"","date_original":"2017-01-01"},{"date":"2019","event":"FTX founded; Singh becomes Director of Engineering and moves to the Bahamas with Bankman-Fried's inner circle","source":"","date_original":"2019-01-01"},{"date":"2022-05","event":"FTX employees in the United States discover Alameda Research's backdoor negative-balance exemption in the codebase and flag it to Singh; the issue is not corrected","source":"","date_original":"2022-05-01"},{"date":"2022-09","event":"Singh confronts Bankman-Fried on the penthouse balcony about a massive shortfall in customer funds; Bankman-Fried dismisses the concern","source":"","date_original":"2022-09-01"},{"date":"2022-11-12","event":"FTX files for bankruptcy; Singh returns to the United States shortly before the filing","source":""},{"date":"2022-11","event":"Singh has his first meeting with federal prosecutors in November 2022 after returning to the United States","source":"","date_original":"2022-11-01"},{"date":"2022-12-15","event":"Bloomberg reports that a GitHub account bearing Singh's name authored code used to mask Alameda Research's ballooning liabilities on FTX","source":""},{"date":"2023-02-28","event":"Singh pleads guilty to six criminal counts in Manhattan federal court, including wire fraud, commodities fraud, securities fraud, money laundering conspiracy, and campaign finance conspiracy; SEC files parallel civil charges on the same day","source":""},{"date":"2023-10-03","event":"Singh testifies for the prosecution at Sam Bankman-Fried's criminal trial in Manhattan, describing the fund misappropriation and campaign finance scheme","source":""},{"date":"2023-11-02","event":"Sam Bankman-Fried is convicted on all seven counts following a jury trial; Singh's testimony is credited as a core part of the prosecution's case","source":""},{"date":"2024-10-30","event":"Judge Lewis Kaplan sentences Singh to time served and three years of supervised release; Singh is ordered to forfeit $11.2 billion and surrender Bahamian real estate, Anthropic shares, and crypto assets","source":""},{"date":"2026-04","event":"CFTC finalizes civil settlement with Singh; he agrees to disgorge $3.7 million, accept a five-year trading ban, and be prohibited from CFTC registration for eight years","source":"","date_original":"2026-04-01"}],"sources_used":[{"url":"https://www.cnbc.com/2022/12/06/former-ftx-engineer-quietly-became-millionaire-democratic-donor.html","name":"cnbc.com","type":"other","credibility":3},{"url":"https://prisonpedia.com/wiki/Nishad_Singh","name":"prisonpedia.com","type":"other","credibility":3},{"url":"https://www.dlnews.com/articles/people-culture/ftx-executive-nishad-singh-details-sbf-embarrassing-spending/","name":"dlnews.com","type":"other","credibility":3},{"url":"https://www.theblock.co/post/254916/ftx-employees-discovered-alameda-backdoor-months-before-collapse","name":"theblock.co","type":"other","credibility":3},{"url":"https://www.techmeme.com/221215/p9","name":"techmeme.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/policy/2023/10/05/ftx-employees-knew-about-the-backdoor-to-alameda-months-before-collapse-wsj","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25652","name":"sec.gov","type":"other","credibility":3},{"url":"https://www.cnbc.com/2023/02/28/ftx-ex-engineering-head-nishad-singh-pleads-guilty-to-criminal-charges.html","name":"cnbc.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/policy/2023/02/28/former-ftx-engineering-director-nishad-singh-pleads-guilty-to-criminal-charges-reuters","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.cnn.com/2023/02/28/investing/nishad-singh-ftx-guilty-plea/index.html","name":"cnn.com","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/sec-cftc-press-civil-charges-against-former-ftx-exec-singh-parallel-to-criminal-case","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://www.bloomberg.com/news/articles/2026-04-01/cftc-resolves-fraud-case-against-ex-ftx-engineering-chief-singh","name":"bloomberg.com","type":"other","credibility":3},{"url":"https://www.sec.gov/newsroom/press-releases/2023-40","name":"sec.gov","type":"other","credibility":3},{"url":"https://blockchainmagazine.net/former-ftx-engineering-chief-nishad-singh-settles-cftc-charges-for-3-7-million/","name":"blockchainmagazine.net","type":"other","credibility":3},{"url":"https://crypto.news/former-ftx-engineer-nishad-singh-agrees-to-3-7m-penalty-in-cftc-settlement/","name":"crypto.news","type":"other","credibility":3},{"url":"https://fortune.com/crypto/2023/10/16/ftx-straw-donor-sam-bankman-fried-nishad-singh/","name":"fortune.com","type":"other","credibility":3},{"url":"https://slate.com/technology/2023/10/sam-bankman-fried-political-donations-celebrity-endorsements-michael-kives.html","name":"slate.com","type":"other","credibility":3},{"url":"https://www.theblock.co/post/192654/ftx-prolific-democrat-party-donor-cnbc","name":"theblock.co","type":"other","credibility":3},{"url":"https://www.marketplace.org/story/2023/10/19/what-we-learned-from-nishad-singhs-testimony-in-the-sbf-trial/","name":"marketplace.org","type":"other","credibility":3},{"url":"https://www.courthousenews.com/no-jail-time-for-former-ftx-exec-nishad-singh-an-early-cooperator-against-bankman-fried/","name":"courthousenews.com","type":"other","credibility":3},{"url":"https://cointelegraph.com/news/ftx-nishad-singh-sentencing-memo-prosecutors-cooperation","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://www.cnbc.com/2024/10/30/ftxs-nishad-singh-gets-not-jail-time-3-years-supervised-release.html","name":"cnbc.com","type":"other","credibility":3},{"url":"https://www.coindesk.com/policy/2024/10/30/ftxs-nishad-singh-gets-no-prison-time-for-role-in-crypto-exchange-collapse","name":"coindesk.com","type":"other","credibility":3},{"url":"https://www.aljazeera.com/economy/2024/10/30/former-ftx-executive-nishad-singh-spared-prison-for-cooperation","name":"aljazeera.com","type":"other","credibility":3},{"url":"https://bettermarkets.org/newsroom/ftx-co-conspirator-nishad-singhs-cooperation-convicting-ftx-kingpin-sam-bankman-fried-was-important-but-not-a-get-out-of-jail-free-card/","name":"bettermarkets.org","type":"other","credibility":3},{"url":"https://www.nbcnews.com/tech/tech-news/ftxs-nishad-singh-gets-no-jail-time-role-crypto-fraud-rcna178120","name":"nbcnews.com","type":"other","credibility":3}],"source_tags":[],"addresses":[],"reviewed":false,"reviewed_by":null,"model_used":"claude-sonnet-4-6","created_at":"2026-05-30T19:11:04.679201+00:00","updated_at":"2026-08-29T01:33:13.124+00:00"}}