FTX Execs Who Testified Against SBF Set to be Sentenced

Nishad Singh and Gary Wang, former senior executives at FTX, are set to be sentenced later this year after pleading guilty to criminal fraud charges and testifying against their former boss, Sam Bankman-Fried.

What's the scoop?

• Singh will be sentenced on October 30, while Wang's sentencing is scheduled for November 20.
• Singh pleaded guilty to six criminal charges, including fraud and conspiracy. Wang pleaded guilty to four charges, including conspiracy to commit wire fraud and securities fraud.
• Both former FTX executives testified against Bankman-Fried, detailing their knowledge of the fraudulent activities at FTX. Singh revealed the existence of an $8 billion hole in FTX's finances due to funds misappropriated by Alameda Research. Wang admitted to developing code that falsely represented FTX's insurance fund.
• Their cooperation with prosecutors is expected to lead to a significant reduction in their sentences.

Bankless take:

These upcoming sentencings mark another chapter in the fallout from FTX's collapse. Singh’s and Wang’s testimonies have shed light on the extent of the fraud orchestrated by Sam Bankman-Fried and the misuse of customer funds. While their cooperation with authorities may lead to lighter sentences, their involvement in one of the biggest scandals in crypto history serves as a stark reminder of the need for transparency and accountability in the industry. The sentencing outcomes will be closely watched, not only for the implications for Singh and Wang but also for the broader message it sends about the consequences of financial misconduct in America’s corner of crypto.