The CFTC, SEC, and SDNY are conducting an investigation into the whereabouts of Nishad Singh, a former executive of the now-bankrupt FTX crypto exchange.
It is suspected that Singh may have contributed to FTX’s collapse and that he took out loans totaling more than $500 million from Alameda.
In addition, Singh reportedly held a 7.8% stake in the platform and donated nearly $8 million to Democratic candidates for the 2022 election.
He was one of three people who had access to FTX’s code for transferring funds, alongside former CEO Sam Bankman-Fried and Gary Wang.
If Singh is found to be involved in a scheme to defraud investors, he could face charges by the end of this month.
As for Bankman-Fried, he has pleaded not guilty to eight counts of criminal and electoral fraud and is scheduled to stand trial on October 2, 2023.
Caroline Ellison and Gary Wang have both admitted their involvement in the collapse of FTX and are cooperating with law enforcement, potentially providing evidence against Bankman-Fried during his trial.