Nishad Singh (FTX Executive) Wiki, Age, Net Worth, Girlfriend, Parents, Education, BIO

Nishad Singh is an Indian-American computer engineer who rose to fame as the Director of Engineering at FTX Exchange, one of the world’s largest cryptocurrency platforms. However, his career and reputation were tarnished by his involvement in a massive fraud scheme that led to the collapse of FTX and the arrest of its founder and former CEO, Sam Bankman-Fried. In this article, we will explore Nishad Singh’s life story, his achievements, his controversies, and his current status.

Early Life and Family

Nishad Singh, a resident of Saratoga, Santa Clara County, California, was born in 1996 and is currently 27 years old as of 2023. He has always been passionate about athletics, but his asthma condition posed a significant challenge to his performance. However, he turned this weakness into his strength by training for ultramarathons, which require covering distances longer than 42 kilometers.

He achieved a remarkable feat by becoming the second person in the United States to complete an ultramarathon in under 30 hours. All thanks to his stepfather and coach, Rajiv Patel, who played a pivotal role in honing his athletic skills.

Nishad Singh’s parents, Gururaj Singh and Anu Singh got divorced when he was young. However, his mother later married Rajiv Patel on July 13, 2021. Anu Singh is also an ultramarathon runner and an active contributor to Asha for Education, a nonprofit organization that helps children from Kolkata’s slums and red-light districts.

Education

Singh is a high achiever both academically and professionally. He attended Crystal Springs Uplands School in Hillsborough, California, from 2009 to 2013, where he excelled in his studies. Later, he graduated with a Bachelor of Science in Electrical Engineering from the University of California, Berkeley, earning the highest honors in Engineering and Computer Science (Summa Cum Laude).

Former Engineer Says He Feared SBF and His Fraudulent Scheme

The trial of Sam Bankman-Fried, the founder and former CEO of the collapsed cryptocurrency exchange FTX, resumed on Monday with more testimony from prosecution witnesses, including Nishad, the former director of engineering at FTX. Singh, who has pleaded guilty to six counts of fraud and conspiracy, said he was always intimidated by Bankman-Fried and his fraudulent scheme that involved misusing customer funds and violating campaign finance laws.

Singh’s Role and Relationship with SBF

Singh, 28, was a childhood friend of Bankman-Fried’s younger brother, Gabriel, and lived with Bankman-Fried in the Bahamas, where FTX was based. He joined FTX in 2019 as a software engineer and later became the director of engineering, overseeing a team of about 20 developers. He was also involved in Alameda Research, a hedge fund affiliated with FTX that traded on behalf of the exchange.

Singh said he had a lot of admiration and respect for Bankman-Fried, whom he once viewed as a brilliant entrepreneur. However, he also said he was intimidated by Bankman-Fried’s personality and authority. He said Bankman-Fried would often humiliate him in front of other employees, make unreasonable demands, and threaten to fire him if he did not comply.

Singh said he had been aware of Bankman-Fried’s fraudulent scheme since early 2020 when he learned that FTX was using customer funds to make risky trades, political donations, and personal expenses. He said he participated in the scheme out of fear, loyalty, and greed. He said he hoped to make money from FTX’s success and avoid Bankman-Fried’s wrath.

Singh’s Testimony on FTX’s Collapse

Singh testified that FTX’s collapse in November 2022 was triggered by a report by CoinDesk that revealed that Alameda Research held a large position in FTT, the native token of FTX. The report raised concerns about FTX’s leverage and solvency, leading to a massive withdrawal of customer funds from the exchange.

Singh said he tried to help Bankman-Fried find a solution to the liquidity crisis, but none of the options worked. He said Bankman-Fried approached several potential investors and buyers, including Binance, another cryptocurrency exchange, but they all backed out after conducting due diligence. He said Bankman-Fried also attempted to manipulate the price of FTT by buying and selling it on other platforms.

Singh said he felt distressed and suicidal during the crisis. He said he wanted to quit FTX but was afraid of Bankman-Fried’s reaction. He said he also felt guilty for his role in the scheme and for deceiving customers and regulators. He said he decided to cooperate with the authorities after FTX filed for bankruptcy on Nov. 11, 2022.

Singh’s Cross-Examination by SBF’s Lawyers

On Tuesday, Singh faced cross-examination by Bankman-Fried’s lawyers, who tried to undermine his credibility and portray him as a self-serving liar. They questioned his motives for cooperating with the prosecutors and suggested that he was trying to get a lighter sentence for his crimes. They also challenged his claims that he was intimidated by Bankman-Fried and that he had no choice but to participate in the scheme.

They pointed out that Singh had benefited from FTX’s success and enjoyed a lavish lifestyle in the Bahamas. They showed evidence that Singh had received millions of dollars in salary, bonuses, and FTT tokens from FTX and Alameda Research. They also showed photos of Singh posing with celebrities, sports cars, and luxury items.

They argued that Singh had acted independently and willingly in the scheme and that he had not raised any concerns or objections to Bankman-Fried. They cited examples of Singh’s involvement in various aspects of the scheme, such as creating fake accounts, transferring funds between FTX and Alameda Research, falsifying records, and lying to customers and regulators.

They also questioned Singh’s testimony on FTX’s collapse and accused him of exaggerating his distress and suicidal thoughts. They suggested that Singh had acted opportunistically and selfishly during the crisis and that he had tried to save himself at the expense of others.

The Implications of Singh’s Testimony

Singh’s testimony is expected to have a significant impact on the outcome of the trial, as he is one of the key witnesses for the prosecution. His testimony provides an insider’s perspective on FTX’s operations and culture, as well as Bankman-Fried’s role and responsibility in the scheme.

However, Singh’s testimony also faces challenges from Bankman-Fried’s defense team, who will try to cast doubt on his credibility and reliability. They will try to show that Singh is not a trustworthy or credible witness and that he is motivated by self-interest and ulterior motives.

The trial of Bankman-Fried, who has pleaded not guilty to eight counts of fraud and conspiracy, is expected to last for several weeks. If convicted, he could face up to 115 years in prison. Bankman-Fried, 31, was once one of the richest people in crypto, with a net worth of $26 billion. He was also a major donor to Democratic causes and candidates.

Career

Nishad Singh started his professional journey as an intern at various companies, such as Sierra Ventures, Skyhigh Networks, Box, and Facebook. He gained valuable experience in software engineering and developed his skills in coding, data analysis, and machine learning.

In 2017, he joined Alameda Research, a quantitative trading firm founded by Sam Bankman-Fried, a former colleague from Jane Street Capital. Alameda Research specializes in trading cryptocurrencies and other digital assets using sophisticated algorithms and strategies. Singh worked as a software engineer and later became the co-lead engineer of the firm.

In 2018, Nishad Singh became one of the co-founders of FTX Exchange, along with Bankman-Fried and Gary Wang. FTX Exchange was a centralized cryptocurrency exchange that offered a range of trading products, such as derivatives, options, volatility products, leveraged tokens, and spot markets. It also had its own native token called FTT. FTX Exchange quickly grew to become one of the leading platforms in the crypto industry, attracting millions of users and billions of dollars in trading volume.

Nishad served as the Director of Engineering at FTX Exchange until its downfall in November 2022. He was responsible for overseeing the technical aspects of the platform, such as developing software code, maintaining security systems, improving user interface design, and enhancing performance optimization.

Controversy and Legal Troubles

Nishad Singh’s career came to a halt when the FTX Exchange collapsed in early November 2022 following a report by CoinDesk that revealed that Alameda Research held a position valued at $5 billion in FTT. The report raised concerns about the solvency and leverage of Bankman-Fried’s companies and their undisclosed conflicts of interest.

FTX Exchange faced a liquidity crisis and sought bailout funds from venture capitalists and rival exchange Binance. However, no deal was reached and FTX Exchange filed for Chapter 11 bankruptcy protection on November 11, 2022. Bankman-Fried resigned as CEO and was replaced by a court-appointed CEO with restructuring experience.

The same day, FTX Exchange reported an alleged hack that resulted in the theft of hundreds of millions worth of tokens. The exchange moved its digital assets to cold storage for security reasons.

On December 13, 2022, the U.S. Attorney for the Southern District of New York announced an eight-point fraud indictment against Bankman-Fried that accused him of defrauding customers and investors of FTX Exchange and lenders to Alameda Research. He also faced charges of money laundering and violating campaign finance laws.

Bankman-Fried was arrested in The Bahamas and extradited to the United States in late December. He pleaded not guilty to all charges on January 3, 2023. He is set for trial on October 2.

Nishad Singh was also implicated in the fraud scheme as one of Bankman-Fried’s close associates and co-conspirators. He pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering, and conspiracy to violate federal campaign finance laws.

Nishad Singh admitted that he wrote the software code that gave Alameda Research special treatment on FTX Exchange and helped Bankman-Fried backdate financial transactions to make FTX Exchange’s financial performance look better than it was. He also confessed that he was aware of Bankman-Fried transferring FTX Exchange customer funds to Alameda Research and using them for political donations, property purchases, and other investments.

Singh withdrew $6 million for his own personal use and expenditure in 2022, as the firm approached its November bankruptcy. He also bought a $3.7 million vacation home in California with a loan from Bankman-Fried, despite knowing that FTX Exchange was in trouble.

Singh is now cooperating with prosecutors’ investigation into Bankman-Fried. He faces up to 115 years in prison if convicted. He has also agreed to forfeit the money he made from the scheme and to settle civil fraud charges from financial regulators.

Wife, Girlfriend & Relationships

Nishad’s girlfriend is Claire Watanabe, a senior executive in FTX’s business development team. She was one of the few people who helped Sam Bankman-Fried run his now-defunct crypto empire. She met Singh when they both worked at Alameda Research, a quantitative trading firm founded by Bankman-Fried. They have been dating for over four years and lived together in a luxury penthouse in the Bahamas, along with other FTX executives.

Claire Watanabe is also an accomplished product manager and engineer. She graduated from Stanford University with a degree in Computer Science and worked at various companies, such as Zynga, Box, and Big Health. She joined FTX in 2018 as a special projects manager and later became the head of business development. She was responsible for forging partnerships and deals with other crypto platforms, celebrities, and sports teams. She was also reportedly a driving force in trying to put together a $100 million sponsorship deal with Taylor Swift.

However, Claire Watanabe’s relationship with Nishad Singh and her role at FTX have also put her under scrutiny. She was implicated in the fraud scheme that led to the collapse of FTX and the arrest of Bankman-Fried. She was accused of being aware of the illegal activities and transactions that took place at FTX and Alameda Research. She also allegedly benefited from the scheme by receiving millions of dollars in bonuses and perks from Bankman-Fried. She has not been charged yet, but she is cooperating with prosecutors against Bankman-Fried and Singh.

Claire Watanabe has kept a low profile since the FTX scandal broke out. She deleted her social media accounts and went off the radar completely. She has not made any public statements or appearances regarding the case. She is currently living in an undisclosed location, awaiting the outcome of the investigation and trial.

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Net Worth

Nishad Singh’s net worth is estimated to be around $572 million as of 2023. However, this figure is likely to change depending on the outcome of his legal case and the recovery of his assets.

Trivia

  • Nishad Singh is an Indian-American computer engineer who was the Director of Engineering at FTX Exchange, one of the world’s largest cryptocurrency platforms.
  • He was also a co-founder of FTX Exchange, along with Sam Bankman-Fried and Gary Wang.
  • He was involved in a massive fraud scheme that led to the collapse of the FTX Exchange and the arrest of Bankman-Fried.
  • Singh pleaded guilty to six conspiracy charges and is cooperating with prosecutors against Bankman-Fried.
  • He faces up to 115 years in prison if convicted.
  • He has a net worth of around $572 million as of 2023.

Instagram, and Twitter Profile

Nishad Singh has a Twitter account @Nishad__Singh where he posts about his personal and professional life. He also has an Instagram account @nishadsingh where he shares pictures of his travels, hobbies, and family.

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