2023-8-9 08:49 |
The suit claims “shadowy entities” set up by Fenwick & West were allegedly used by FTX and former top executives to misappropriate customer funds.
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Singh is the fourth FTX executive to be sentenced for his role in the fraud.
Several of Bankman-Fried’s former colleagues and friends will testify against the one-time crypto mogul following plea deals they struck with the U. S. Department of Justice, including his former romantic partner Caroline Ellison and childhood friend Gary Wang, who were both deeply involved in the daily workings of both FTX and its quant-driven trading shop, Alameda Research.
As the FTX bankruptcy case continues, the administrators continue to discover critical issues that could have led to the crash. Recall that the founder and CEO Sam Bankman-Fried mismanaged the customers’ funds leading to the exchange crash last year.
Federal prosecutors have shared more information about their case against FTX founder Sam Bankman-Fried. Between two new indictments and civil suits against another former FTX executive, we now have a much clearer picture about what the Department of Justice thinks it has.
Singh, the former engineering director for the collapsed crypto exchange, was a member of Bankman-Fried’s inner circle.