Nishad Singh, the former CEO of FTX, is concluding a pre-commitment plea to defend himself against fraud accusations brought by prosecutors in Manhattan.
Another ex-member of Sam Bankman-inner Fried's circle intends to enter a guilty plea to criminal charges brought by US prosecutors regarding his participation in a multiyear scheme at the defunct cryptocurrency exchange FTX.
Nishad Singh and Manhattan prosecutors have come to an arrangement as they are ready to charge him with fraud.
The agreement has not yet been completed. He would join Caroline Ellison, the former CEO of Alameda Research, and Gary Wang as the third insider from the SBF to enter a guilty plea and work with the prosecution if the plea agreement is carried out.
Also, it is anticipated that SBF will have more trouble "finding a path out."
The SBF was previously accused of a number of crimes, including fraud, and was set to go on trial in October. He may receive a sentence of more than 100 years in jail if found guilty on all counts.
SBF is still incarcerated right now after posting a $250 million bail guarantee from his parents and his close buddies. If the SBF disobeys the court order, the judge may issue an order to recover the bail and place him in jail while the case is being heard.
It is known that the move was taken as a result of US prosecutors accusing SBF of using a VPN to watch the Super Bowl and requesting that the Court impose tighter rules on the former CEO in a letter that was sent to the Court. FTX while out on bail to prevent him from interfering with witnesses' testimonies.
The previous market value of FTX, which filed for bankruptcy in November, was $32 billion. There are roughly 9 million clients for the business, and its top 50 creditors could be owed up to $3.1 billion.
