Nishad Singh – FTX’s Lead Engineer – bought a $3.7 million vacation home in the San Juan islands last October. Now, the property has been seized by the U.S. government.
The home – purchased roughly two weeks before FTX went bankrupt – is located on a wooded hill, and features six bedrooms, a lap pool, and a hot tub.
Singh has been forced to forfeit the home after pleading guilty to multiple charges related to his role at FTX, including wire fraud, money laundering, and campaign finance violations.
Though Singh, 27, purchased the home with money from his FTX account, authorities believe those funds are directly linked to his crimes.
Prosecutors allege that Bankman-Fried and his associates misappropriated funds at the exchange for personal use, and for trading at Alameda Research – a claim backed by FTX bankruptcy head John Ray.
A charity linked to FTX appeared to have used funds to purchase a multi-million dollar mansion in the Czech Republic in July 2022.
Singh has also been forced to forfeit an undisclosed amount of stock, according to Bloomberg. Sam Bankman-Fried saw his $470 million worth of Robinhood shares seized by the DOJ in February.
Bankman-Fried has pled not guilty to his 12-count indictment, but his fellow executives – including Singh, FTX co-founder Gary Wang, and Alameda Research CEO Caroline Ellison – have all confessed to the crime, with the former receiving a smaller sentence in return for an early plea.
The post FTX Exec Loses $3.7 Million Island Home to Authorities 5 Months After Buying It appeared first on CryptoPotato.
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