{"id":16207,"date":"2023-01-07T10:17:38","date_gmt":"2023-01-07T10:17:38","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/prosecutors-ramp-up-pressure-on-sbf-associate-nishad-singh\/"},"modified":"2023-01-07T10:17:38","modified_gmt":"2023-01-07T10:17:38","slug":"prosecutors-ramp-up-pressure-on-sbf-associate-nishad-singh","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/prosecutors-ramp-up-pressure-on-sbf-associate-nishad-singh\/","title":{"rendered":"Prosecutors ramp up pressure on SBF associate Nishad Singh"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1669991615908-61734bde-1e8f-4f49-828b-5d56f8ecb52a-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1669991615908-61734bde-1e8f-4f49-828b-5d56f8ecb52a-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1669991615908-61734bde-1e8f-4f49-828b-5d56f8ecb52a-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1669991615908-61734bde-1e8f-4f49-828b-5d56f8ecb52a-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><\/picture><\/div>\n<ul>\n<li>Singh was integral in the founding of FTX, faces charges<\/li>\n<li>Code was written to help Alameda take out unlimited line of credit \u00a0<\/li>\n<li>Singh and Gary Wang borrowed hundreds of millions<\/li>\n<\/ul>\n<p>US authorities are ramping up pressure on Sam Bankman-Fried\u2019s inner circle as they scrutinize Nishad Singh, a former close FTX associate according to insiders. Singh was integral in the founding of FTX. He has not been charged with anything, but he may be.\u00a0Bloomberg\u2019s Sonali Basak <a href=\"https:\/\/www.youtube.com\/watch?v=1rtFRwbklos\">reports<\/a>.\u00a0<\/p>\n<h2>Is Singh cooperating?\u00a0<\/h2>\n<p>Basak says:<\/p>\n<p><em>We don\u2019t know, but we do know he was in the \u201cpenthouse\u201d, he lived with SBF. He was an insider who was really close friends with Sam\u2019s brother. Gary Wang, who pled guilty, is cooperating. Part of the CFTC\u2019s allegations are that code was written to help Alameda take out this unlimited line of credit that has essentially been found to be customer money. The aim is to see what role Nishad Singh played.\u00a0<\/em><\/p>\n<h2>Who else was in the penthouse?<\/h2>\n<p>Who else might prosecutors be looking at? One issue is the cooperators in the investigation. Damian Williams of the US District Attorney\u2019s office said there are <a href=\"https:\/\/coinjournal.net\/news\/cnbc-analyst-it-could-take-months-for-ftx-fallout-to-be-fully-uncovered\/\">thousands of documents<\/a>, signal messages, etc. Is it just the penthouse you\u2019re looking at, or is it the broader FTX empire?<\/p>\n<p>Basak brought up Ryan Salem, who was found in the court documents in the Bahamas to have tipped off <a href=\"https:\/\/coinjournal.net\/news\/bahamas-denies-allegations-it-told-bankman-fried-to-mint-new-coins\/\">Bahamian authorities<\/a>. Then, there\u2019s the entity FTX.US, which is said to be more shielded. There are things people knew\u2026that this \u201cpenthouse suite\u201d kept from them.\u00a0<\/p>\n<h2>Follow the money<\/h2>\n<p>When Singh\u2019s name first came up, the new control of FTX had taken over. They put out that report and they talked about this idea that SBF had taken out about a billion dollars in loans through Alameda. They also said Singh and Wang had borrowed hundreds of millions. That\u2019s the allegation. They have not responded, at least not publicly.\u00a0<\/p>\n<h2>Whose loans went where?\u00a0<\/h2>\n<p>Some of the information is coming from the bankruptcy filings. The prosecutors are not bankruptcy experts. The authorities are working on tracking \u201cwhose loans went where to buy what.\u201d Ultimately, you\u2019re going to have to seize those assets and get that money back.\u00a0<\/p>\n<h2>The domino effect\u00a0<\/h2>\n<p>In related news, crypto broker Genesis Global Trading eliminated 30% of its staff. Withdrawals have been halted by Genesis Lending for over a month. The question is: how much of this is contained to lending and how much is it a bigger problem for crypto conglomerate Digital Currency Group\u2019s (DCG) head Barry Silbert, who is a big Wall Street voice?\u00a0<\/p>\n<h3>The Gemini-Genesis drama\u00a0<\/h3>\n<p>CNBC <a href=\"https:\/\/www.cnbc.com\/2023\/01\/03\/genesis-cameron-winklevoss-and-dcgs-barry-silbert-spar-over-frozen-funds.html\">reported<\/a> that Cameron Winklevoss, co-founder and president of Gemini crypto exchange, accused Silbert of engaging in \u201cbad faith\u201d tactics. He wants to resolve a thorny lending dispute with the company that emerged after FTX collapsed.<\/p>\n<p>The dispute arose from an agreement between Gemini and Genesis Lending, a DCG subsidiary. \u00a0Gemini offered customers yields of up to 8% through its lending product Gemini Earn. To generate that yield, Gemini lent customer funds to Genesis Global Capital, which lent them out to institutional clients.<\/p>\n<p>Gemini\u00a0suspended redemptions for its Earn\u00a0service a few days after FTX filed for bankruptcy. Genesis Global Capital also suspended its loan services. While Gemini denies any link to FTX, Genesis tweeted in November that they had around $175 million in funds locked inside FTX.<\/p>\n<h3>Conflict resolution deadline is tomorrow\u00a0<\/h3>\n<p>On January 2, Cameron Winklevoss wrote an open letter to Barry Silbert, alleging the latter had refused to meet with the Gemini team on numerous occasions. He set a deadline on January 8 when Gemini wants to see a proposal to resolve the conflict\u2026or else.\u00a0<\/p>\n<p>It was a fiery letter, the hosts on Bloomberg conceded. Basak concluded:\u00a0<\/p>\n<p><em>When these things are hashed out on Wall Street, they are done behind investment bankers and lawyers. In crypto, they\u2019re done on Twitter\u2026\u00a0<\/em><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/prosecutors-ramp-up-pressure-on-sbf-associate-nishad-singh\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Singh was integral in the founding of FTX, faces charges Code was written to help Alameda take out unlimited line of credit \u00a0 Singh and Gary Wang borrowed hundreds of millions US authorities are ramping up pressure on Sam Bankman-Fried\u2019s inner circle as [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":16208,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16207"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=16207"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16207\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/16208"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=16207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=16207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=16207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}