Following the revelations of irregularities at FTX, Nishad Singh, the former chief engineering of the now bankrupt crypto exchange, urgently sought to distance himself from any wrongdoing. In a revealing conversation documented in Michael Lewis’ “Going Infinite,” Singh turned to FTX co-founder Sam Bankman-Fried, desperately asking him to guarantee his innocence. Despite “code-based evidence” pointing to Singh’s involvement, he hoped to find a way out, questioning how FTX executives could navigate this delicate situation and cooperate when their interests were in conflict.
Navigating Legal Troubles and Singh’s U-turn
Caught in the whirlwind of investigations, Singh pondered what to do if contacted by authorities. He subtly discussed the idea of a “prisoner’s dilemma” strategy – a scenario where neither party can guarantee the other’s justification. However, Sam Bankman-Fried quickly discouraged any presumption of criminal intentions. Notably, Singh emphasized his ignorance of the events unfolding at FTX, only to be met with skepticism due to undeniable evidence of his actions.
The following months witnessed a dramatic U-turn. By February 2023, Singh had abandoned his initial stance, choosing to confess to the crimes. He committed to assisting the authorities in shedding light on the FTX disaster. His final confession was punctuated by an accusation from the Securities and Exchange Commission of embezzling $6 million from FTX clients’ assets.
