Bankman-Fried Circle Continues to Crumble With Singh Guilty Plea

Former FTX engineering chief Nishad Singh pleaded guilty to fraud as part of a cooperation deal with prosecutors, the third member of the collapsed cryptocurrency exchange’s inner circle to flip against co-founder Sam Bankman-Fried.

Singh said at a hearing on Tuesday that he was “unbelievably sorry for my role in this and the harm it caused.” He admitted he knew for months that Alameda Research, the exchange’s trading arm, was borrowing billions of dollars in funds from FTX without customers’ knowledge.

“I took actions to make it appear that FTX’s revenues were higher than they were and provided ...