Former FTX exec’s domestic partner indicted on campaign finance charges.
VergeSEP 2 2024
Former FTX Executive Avoids Jail After Cooperating
Above: Nishad Singh, former director of engineering at FTX, exits court in New York, US, on Wednesday, Oct. 30, 2024. Image copyright: Yuki Iwamura/Bloomberg/Contributor via Getty News
The Spin
Narrative A
Despite his involvement in one of the biggest frauds perpetrated in American history, Singh went above and beyond to help prosecutors, helping them uncover crimes they alone would have been unable to reveal. Unlike the other employees of FTX, Singh also became aware of the crimes at a much later stage — an important factor in this case.
Narrative B
The collapse of FTX also represents a broader systemic implosion of cryptocurrency and related assets like NFTs. During the chaos of the pandemic economy, the public became more tolerant of what is essentially chaotic gambling with internet money. In the post-pandemic economic conditions that have followed, crypto has been exposed as little more than an ill-advised and dangerous bet.