Here’s When FTX’s Nishad Singh and Gary Wang Will Be Sentenced

The courts have now revealed sentencing dates for former FTX executives Nishad Singh and Gary Wang.

Nishad Singh walking out of a ruined city with explosions, smoke and fire.
Created by Gabor Kovacs from DailyCoin
  • The sentencing dates for FTX co-founders Nishad Singh and Gary Wang have been set.
  • Both executives have pleaded guilty to multiple fraud charges.
  • Singh and Wang had turned state’s evidence in SBF’s trial.

The November 2022 collapse of Sam Bankman-Fried‘s crypto empire comprising FTX and Alameda sent shockwaves through the crypto space that are still being felt today. Nearly two years later, restructuring officers are still trying to untangle the messy financial web left by SBF and his associates, even as the courts are still getting around to bringing to book all those involved in the daring fraud.

Following the sentencing of SBF in March 2024 and Ryan Salame in May 2024, the courts have now revealed sentencing dates for former FTX executives Nishad Singh and Gary Wang.

Nishad Singh and Gary Wang Sentencing Dates Revealed

Nearly two years after the collapse of FTX, former engineering director Nishad Singh and CTO Gary Wang are finally set to answer for their part in the multi-year fraud. On Tuesday, July 9, the court docket was updated to show that Singh and Wang will face sentencing on October 30 and November 20, respectively.

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Singh pleaded guilty to six criminal charges in February 2023 for his part in the FTX fraud, including one count of wire fraud, three counts of conspiracy to commit fraud, one count of conspiracy to commit money laundering and one count of conspiracy to defraud the United States by violating campaign finance laws.

On the other hand, Wang pleaded guilty to four criminal charges in December 2022, including conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, and conspiracy to commit securities fraud.

While Singh and Wang would typically be facing decades in prison for their respective charges, it is more likely that they would get off on lighter sentences as their pleas come as part of deals with the DOJ that saw them turn state’s evidence in the trial against SBF with their testimonies helping prosecutors secure a conviction.

Damning Testimonies 

In sworn testimony during SBF’s October 2023 trial, Singh testified to having raised issues with many of the then-FTX CEO’s spending decisions, including celebrity endorsements exceeding $1 billion and the choice of a $35 million penthouse to house insiders. Still, he also admitted to writing the first code for the backdoor that allowed Alameda Research to access FTX customer funds and trade with a negative balance on the exchange. At the same time, he admitted to helping SBF inflate FTX’s revenue in 2021.

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Wang’s testimony corroborated Singh’s on Alameda’s special privileges on FTX. At the same time, he also unveiled that FTX’s so-called “Backstop Liquidity Fund,” supposedly created to enable trading in times of a liquidity crunch, was practically non-existent.

At its peak, FTX was the world’s second-largest crypto exchange by volume, valued at over $32 billion. SBF, the firm’s now-disgraced founder, had rubbed shoulders with top politicians and regulators and was hailed as a wunderkind. However, it all came crashing down within a week after a leaked balance sheet indicated that the firm was inflating its balance sheet with FTT, the illiquid native token created by the exchange.

In the aftermath of this crash, prosecutors have uncovered a years-long fraud orchestrated by SBF and his associates that saw FTX customer funds diverted to support the entrepreneur’s failing trading business, Alameda Research, and fund all manner of personal excesses.

Read this for more on those involved in the FTX fraud:
Ex-FTX Executive ‘Defensive’ After 7.5 Year Prison Sentence

Learn more about BGB’s perpetual futures listing:
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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.