Ex-engineering chief of FTX pleads guilty to fraud

FTX’S former engineering chief pleaded guilty to fraud yesterday as part of a cooperation deal with US prosecutors.

Nishad Singh, 27, is the third member of the collapsed cryptocurrency exchange’s inner circle to flip against co-founder Sam Bankman-fried.

Singh told Manhattan Federal Court yesterday that he was “unbelievably sorry for my role in this and the harm it caused”.

He admitted he knew for months that Alameda Research, the exchange’s trading arm, was borrowing billions of dollars in funds from FTX without customers’ knowledge.

A representative for Bankman-fried declined to comment on Singh’s plea.