PANews reported on October 31 that according to Bloomberg, the New York Federal Court was ruled by Judge Lewis A. Kaplan to avoid jail time for Nishad Singh, the former FTX engineering director, for his role in the multi-billion dollar fraud case involving the crypto exchange FTX. Singh was a key witness, and his testimony helped convict the mastermind of the fraud, FTX founder SBF.

Singh's lawyers tried to distinguish him from Gary Wang and Caroline Ellison, arguing that he was not part of the conspiracy at the heart of the case. Singh first learned in September 2022 — two months before FTX collapsed — that sister hedge fund Alameda Research had been misappropriating billions of dollars in client funds. Judge Kaplan agreed, saying: "Your situation is different from Caroline Ellison's, who knew what was going on for years. She got a lot of recognition for her cooperation, but you deserve more." Singh also agreed to forfeit his Washington state property, shares in Anthropic PBC, and other crypto assets.

FTX co-founder Gary Wang will be sentenced on November 20, the last of the U.S. government’s key cooperating witnesses to be tried.