Nishad Singh, the former engineering director at now-defunct crypto exchange FTX, has reportedly said he “hopes for no jail time” as part of an agreement with prosecutors.
According to reports from the criminal trial of Sam “SBF” Bankman-Fried on Oct. 16, Singh revealed details about his deal with the United States Justice Department, which had him plead guilty to fraud charges announced in February. The former FTX engineer director reportedly said he faced up to 75 years in prison for charges related to defrauding users of the crypto exchange.
In his testimony, Singh reported that FTX had invested roughly $1.3 billion in endorsement deals with celebrities and sports figures — including Tom Brady, Gisele Bündchen and Steph Curry — prior to the crypto market crash of 2022. According to Singh, former FTX chief technology officer Gary Wang had told him Alameda Research had borrowed $13 billion from the crypto exchange — news that seemed unsurprising to Bankman-Fried.
“People are going to be freaking out,” said Singh, according to reports, speculating on the reaction to the Alameda news. “I felt betrayed, something I’d put in blood, sweat and tears for five years turning out so horrible.”
Singh reportedly said SBF had suggested investing $120 million into purchasing the messaging app Telegram and Alameda sent him FTX user funds specifically for making donations to political campaigns. When liquidity issues began occurring at FTX in November 2022, Singh said he “had been suicidal for some days” while dealing with alleged inconsistencies between the exchange’s public statements and its activities behind the scenes.
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The former engineering director’s testimony came on the ninth day of Bankman-Fried’s criminal trial, which kicked off in New York on Oct. 3. Prior to the courtroom’s midday break on Oct. 16, Singh testified that SBF would sometimes “unilaterally spend Alameda’s money” in an “excessive” manner, including investments in artificial intelligence startup Anthropic and the firm K5 Global.
Bankman-Fried faces seven counts related to fraud in his first criminal trial and an additional five counts in a second scheduled to begin in March 2024. He has pleaded not guilty to all charges.
Wes Streeting “crossed the line” by opposing assisted dying in public and the argument shouldn’t “come down to resources”, a Labour peer has said.
Speaking on Sky News’ Electoral Dysfunctionpodcast, Baroness Harriet Harman criticised the health secretary for revealing how he is going to vote on the matter when it comes before parliament later this month.
MPs are being given a free vote, meaning they can side with their conscience and not party lines, so the government is supposed to be staying neutral.
But Mr Streeting has made clear he will vote against legalising assisted dying, citing concerns end-of-life care is not good enough for people to make an informed choice, and that some could feel pressured into the decision to save the NHS money.
Baroness Harman said Mr Streeting has “crossed the line in two ways”.
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“He should not have said how he was going to vote, because that breaches neutrality and sends a signal,” she said.
“And secondly… he’s said the problem is that it will cost money to bring in an assisted dying measure, and therefore he will have to cut other services.
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“But paradoxically, he also said it would be a slippery slope because people will be forced to bring about their own death in order to save the NHS money. Well, it can’t be doing both things.
“It can’t be both costing the NHS money and saving the NHS money.”
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2:09
Review into assisted dying costs
Baroness Harman said the argument “should not come down to resources” as it is a “huge moral issue” affecting “only a tiny number of people”.
She added that people should not mistake Mr Streeting for being “a kind of proxy for Keir Starmer”.
“The government is genuinely neutral and all of those backbenchers, they can vote whichever way they want,” she added.
Prime Minister Sir Keir Starmer has previously expressed support for assisted dying, but it is not clear how he intends to vote on the issue or if he will make his decision public ahead of time.
The cabinet has varying views on the topic, with the likes of Justice Secretary Shabana Mahmood siding with Mr Streeting in her opposition but Energy Secretary Ed Miliband being for it.
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The Terminally Ill Adults (End of Life) Bill is being championed by Labour backbencher Kim Leadbeater, who wants to give people with six months left to live the choice to end their lives.
Under her proposals, two independent doctors must confirm a patient is eligible for assisted dying and a High Court judge must give their approval.
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Labour MP Kim Leadbeater discusses End of Life Bill
The bill will also include punishments of up to 14 years in prison for those who break the law, including coercing someone into ending their own life.
MPs will debate and vote on the legislation on 29 November, in what will be the first Commons vote on assisted dying since 2015, when the proposal was defeated.
Former CFTC Acting Chair Chris Giancarlo said he’s “already cleaned up earlier Gary Gensler mess,” shooting down speculation he’d replace the SEC Chair.