Indian-origin engineer Nishad Singh, 27, has pleaded guilty to defrauding a crypto trading firm. Nishad Singh was posted as former Chief Engineer in FTX Trading Ltd. Nishad Singh is alleged to have cheated equity investors in the company through a multilayer scheme. Nishad Singh is the founder of FTX, a crypto trading platform, along with Samuel Beckmann-Fried and Gary Weng. In December last year, federal authorities filed charges against Bankman-Fried for defrauding investors with the help of a scheme. Now Nishad Singh has also accepted his crime. 

Nishad Singh had created a software code with the help of which FTX clients' funds were transferred to Alameda Research, a crypto hedge fund. The crypto hedge fund is owned by Beckmann-Fried. Backman Fried falsely promised investors that FTX is a secure crypto asset trading platform. It is alleged that Nishad Singh knew that this promise of Bakeman Fried was false. It is alleged that Nishad Singh played an active role in defrauding the investors. Nishad Singh is also alleged to have withdrawn an amount of about $6 million from FTX for his personal use. With this amount, Nishad donated to a luxurious bungalow and various charities. 

He was the Head of Engineering in Research, later he joined FTX. He also lived in Hong Kong and the Bahamas from May 2019 to November 2022. Nishad Singh grew up in California and was a childhood friend of the Beckmann-Fried brothers. In 2017, Beckmann-Fried and Weng started Alameda Research. In this, Nishad Singh was included for the engineering work. He later joined FTX. He also lived in Hong Kong and the Bahamas from May 2019 to November 2022. Nishad Singh grew up in California and was a childhood friend of the Beckmann-Fried brothers. In 2017, Beckmann-Fried and Weng started Alameda Research. In this, Nishad Singh was included for the engineering work. He later joined FTX. He also lived in Hong Kong and the Bahamas from May 2019 to November 2022. Nishad Singh grew up in California and was a childhood friend of the Beckmann-Fried brothers. In 2017, Beckmann-Fried and Weng started Alameda Research. In this, Nishad Singh was included for the engineering work. 

Along with this, Nishad was also associated with Almeida Research as Head Engineer. When the fraud was revealed in FTX in November 2022, Nishad was associated with the company as a senior executive, engineering director and shareholder at that time.