Former FTX Executives Nishad Singh and Gary Wang Await Sentence this Fall
Two former senior executives of the collapsed cryptocurrency exchange FTX are set to face sentencing later this year for their roles in one of the biggest financial scandals in recent history. This was revealed in a July 9 court docket entry in the U.S. District Court for the Southern District of New York.
According to the court docket, Nishad Singh, former Director of Engineering, and Gary Wang, former Chief Technology Officer, will learn their fates on October 30 and November 20, respectively.
Singh and Wang were believed to have played crucial roles in the conviction of FTX’s founder and former CEO, Sam Bankman-Fried, as their testimonies provided insider information on the fraudulent practices that led to the exchange’s downfall in late 2022.
Singh, who joined FTX in 2019, pleaded guilty in February 2023 to six criminal charges, including fraud and conspiracy.
During Bankman-Fried’s trial in October 2023, Singh revealed that he had discovered an $8 billion hole in FTX’s finances around September 2022. Despite this knowledge, he admitted to signing off on customer funds transactions.
Statement of U.S. Attorney Damian Williams on U.S. v. Samuel Bankman-Fried, Caroline Ellison, and Gary Wang pic.twitter.com/u1y4cs3Koz
— US Attorney SDNY (@SDNYnews) December 22, 2022
Singh also testified to programming systems that routed FTX customer deposits to Alameda Research, a crypto trading firm founded by Bankman-Fried. These systems created “special privileges” for Alameda on the FTX platform.
On the other hand, Wang pleaded guilty to four criminal charges, including wire fraud and multiple conspiracy counts, providing equally incriminating testimony.
He admitted to helping develop parts of FTX’s website, including a piece of code
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