Who is Nishad Singh, the India-born tech under scanner for FTX crash on crypto exchange?


Who is Nishad Singh, the India-born tech under scanner for FTX crash on crypto exchange?

FTX, once one of the world’s largest cryptocurrencies trading platforms, filed for bankruptcy this week after a bailout from bigger rival Binance collapsed and prospects for other bailout funding turned bleak.

FTX CEO Sam Bankman-Fried, who resigned, is now under investigation for his role in a multi-billion dollar scandal that may have led to the company’s collapse.

Panicked customers rushed to withdraw funds from FTX, and the company is now on the brink of collapse, with a banner post on its website announcing that it “cannot process withdrawals at this time”.

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This isn’t the first such rapid disintegration we’ve seen in the loosely regulated cryptocurrency world, and it’s unlikely to be the last.

Nishad Singh, a native of India, is being scanned for the financial practices that led to the collapse of FTX, the Bahamas-based crypto exchange that was booming and valued at more than $30 billion earlier this year.

He lived with 9 others with the founder of FTX. Singh was in the inner circle of 30-year-old FTX founder Sam Bankman-Fried.

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“Gary Wang (Chief Technology Officer), Nishad and Sam manage the exchange’s code, matching engine and funds,” said a person familiar with the matter.

Singh joined Alameda Research, FTX’s sister organization that has been at the center of the controversy, in December 2017. Before entering the crypto world, he spent five months as a software engineer at Facebook.

At Alameda Research, he was Engineering Director for 17 months. He then moved to FTX in April 2019 and has been in the same technical top position there ever since.

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That has all changed in the past two weeks. First, concerns emerged over links between FTX and an asset-trading company called Alameda Research, including suggestions that customer funds have been transferred from FTX to Alameda.

A few days later, rival company Binance (the largest crypto exchange) announced that it would sell its holdings of FTT tokens, a crypto that reportedly comprises a large portion of Alameda’s assets.