Nishad Singh, a former core member of SBF’s inner circle and the ex-director of engineering at FTX Exchange, has pleaded guilty for the third and final time, sending ripples through the financial world. Singh’s guilty plea comes as he is cooperating fully with prosecutors, shedding light on the intricate web of deception within SBF’s empire.
Appearing as a witness in the high-stakes legal drama, Singh didn’t hold back, providing damning details about SBF’s extravagant lifestyle, labeling it as excessive and “super ostentatious.” Singh also raised eyebrows by revealing SBF’s association with high-profile personalities like Katy Perry, Orlando Bloom, Jeff Bezos, and Kris and Kendall Jenner. Most notably, Singh highlighted SBF’s relationship with Michael Kives, a former aide to Hillary Clinton, claiming that SBF expressed a keen interest in showering Kives and Bryan Baum with staggering bonuses and substantial long-term capital for their VC firm.
Despite Singh’s efforts to dissuade SBF from investing in K5, the indicted CEO went ahead, channeling hundreds of millions of dollars into K5 through Alameda Research Ventures LLC. A spreadsheet unveiled SBF’s reckless spending spree, with investments such as $45 million in SkyBridge Capital and a staggering $250 million in Modulo Capital, a hedge fund co-founded by a former close associate of Bankman-Fried.
FTX: The Revelation
Additionally, Singh shed light on FTX’s collaboration with Telegram, revealing the controversial deal where FTX aided Telegram in building a payment mechanism, earning a share of Telegram’s native TON tokens. Despite objections from Singh and Caroline Ellison, another member of SBF’s inner circle, Bankman-Fried insisted on pursuing the deal, causing internal discord.
The saga reached a dramatic climax in a conversation in September 2022 when Singh confronted SBF about FTX’s precarious state. SBF’s dismissive response, “We are a little short on deliverables,” left Singh in disbelief. Feeling deeply betrayed, Singh testified that FTX’s breach of trust with its users was “so evil” that he contemplated suicide. In his emotionally vulnerable state, Singh admitted to considering falsifying transactions, making it appear as though personal loans taken out in his name using company funds had been repaid.
Singh’s shocking revelations come on the heels of similar admissions by Gary Wang and Caroline Ellison, the other members of SBF’s inner circle, who have also pleaded guilty and are cooperating with prosecutors.