Nishad Singh, the former director of engineering at now-bankrupt cryptocurrency exchange FTX, pleaded guilty to U.S. criminal charges on Tuesday, and agreed to cooperate with prosecutors' investigation into FTX founder Sam Bankman-Fried, Reuters reported. "I am unbelievably sorry for my role in all of this," Singh said, adding that he knew by mid-2022 that Bankman-Fried's hedge fund, Alameda Research, was borrowing FTX customer funds, and customers were not aware. Singh said that he would forfeit proceeds from the scheme. Bankman-Fried, FTX's founder, pleaded not guilty to eight criminal charges filed against him in December. Prosecutors say he stole billions in FTX customer funds to plug losses at Alameda. He has acknowledged inadequate risk management, but says he did not steal funds. Singh, 27, pleaded guilty to 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.
