Former FTX Executive and Housemate of Sam Bankman-Fried Cutting Immunity Deal With Feds: Report – Crypto News – Crypto News
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Former FTX Executive and Housemate of Sam Bankman-Fried Cutting Immunity Deal With Feds: Report Former FTX Executive and Housemate of Sam Bankman-Fried Cutting Immunity Deal With Feds: Report

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Former FTX Executive and Housemate of Sam Bankman-Fried Cutting Immunity Deal With Feds: Report – Crypto News

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A former senior executive at bankrupt crypto exchange FTX has met US federal prosecutors with a view to cutting an immunity deal.

According to a new Bloomberg reportsNishad Singh, a former director of engineering at FTX, recently visited the US Attorney’s Office for the Southern District of New York for a proffer session.

In a proffer session, individuals who may be persons of interest or subjects of ongoing federal criminal investigations are given limited immunity to allow them to shed more light on a case.

While a proffer session doesn’t necessarily result in a cooperation agreement, Bloomberg says that FTX founder Sam Bankman-Fried would be left increasingly isolated if Singh ends up striking a deal with federal prosecutors.

Bankman-Fried, who was arrested in December and charged with eight criminal counts, pleaded not guilty to all the charges last week. FTX co-founder Gary Wang and the former CEO of the disgraced crypto exchange’s hedge fund Alameda Research, Caroline Ellison, pleaded guilty to various criminal counts in December and are cooperating with prosecutors.

according to a court documents filed by the new FTX CEO John Ray, Singh received $543 million in loans from Alameda Research. Bloomberg says that since 2020, Singh has given over $9.3 million to US political candidates and committees, including $8 million during the last election cycle.

The business publication also says that US regulatory bodies such as the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission are investigating Singh.

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