Former FTX executive Nishad Singh receives no prison time in fraud case
Former FTX head of engineering Nishad Singh has avoided prison time in the ongoing legal aftermath of the crypto exchange’s collapse.
The sentencing took place on Wednesday in Manhattan, where Judge Lewis Kaplan emphasized Singh’s exceptional cooperation with authorities.
Singh receives three years of supervised release
Despite facing potential maximum sentences totaling 75 years, Singh received time served and three years of supervised release.
Judge Kaplan ordered an $11 billion forfeiture but distinguished Singh’s involvement as “far more limited” than that of FTX founder Sam Bankman-Fried or former Alameda Research CEO Caroline Ellison.
During the hearing, Singh delivered an emotional statement, speaking softly about straying from his values while acknowledging that his assistance in the government’s investigation provided him with purpose.
According to CNBC, before the proceedings, witnesses observed him rehearsing his statement alone in the elevator.
Prosecutors praised Singh’s eagerness to assist
Prosecutors revealed meeting with Singh on at least 24 occasions. They also praised his “earnest remorse and eagerness to assist.”
Nicolas Roos, a trial prosecutor, specifically highlighted Singh’s exclusive revelation of previously unknown campaign finance schemes. This had initially implicated Bankman-Fried in $100 million of unauthorized campaign contributions.
The prosecution team emphasized Singh’s cooperation brought to light criminal activities that “the government was not aware of and, in some cases, may have never discovered.”
This level of assistance prompted prosecutor Roos to argue that leniency would send an important message. More than 30 friends and family members attended the sentencing. Singh’s immediate family also occupied the front row. The court received over 100 support letters, including notable submissions from Gabe Bankman-Fried and current FTX CEO John Ray.
Ray’s letter specifically praised Singh’s assistance during bankruptcy proceedings and his voluntary return of Bahamian real estate purchased with FTX funds.
The sentencing marks the fourth punishment handed down to former FTX executives. This was following Sam Bankman-Fried’s 25-year sentence, Caroline Ellison’s two-year term, and Ryan Salame’s seven and a half-year sentence.
Gary Wang, FTX’s co-founder and former technology chief, awaits sentencing on November 20.
Optimistic Ethereum (ETH) Price Targets: Parabolic Move to $4K Possible?
TL;DR
- Ethereum (ETH) has pumped by around 6% weekly, with analysts predicting potential moves past $4K.
- Bullish on-chain metrics and positive sentiment on platforms like Telegram support the thesis for an upcoming resurgence.
Time for ETH to Shine?
The cryptocurrency sector has been on a tear in the past several days, with Bitcoin (BTC) briefly surpassing $73,500 and Dogecoin (DOGE) hitting a six-month high of almost $0.18.
The second-largest digital asset in terms of market capitalization—Ethereum (ETH)—is also well in the green, albeit registering marginal gains. It currently trades at around $2,700, meaning a 6% weekly rise.
Multiple analysts seem to believe that ETH has yet to gain momentum and even outperform BTC. One person sharing that thesis is the X user Crypto General, who thinks the asset’s price looks ready to overcome the $2,800 resistance mark and “start a parabolic move towards the target of $4000.”
Another user with the X monicker Wolf chipped in, too, explaining that a “three-month ascending triangle that formed after the August scare is nearing completion.” The crypto enthusiast sees this as a precursor of a spike above $4K.
Last but not least, Phoenix predicted a “hated rally” for ETH in the near future. However, the analyst did not outline any particular targets:
I hope you aren’t trapped cause we’re actually somewhere here comparing to a year ago$ETH is still absolutely behind, but it will be a hated rally once it truly sends
Insert your hopium and raise your targets#Ethereum https://t.co/zCy6XoXabi pic.twitter.com/h9RpHOjnuY
— Phoenix (@Phoenix_Ash3s) October 30, 2024
Bullish Indicators
Certain on-chain metrics also suggest that the asset’s price may head north in the short term. CryptoQuant’s data shows that the ETH exchange netflow has been predominantly negative in the last month, signaling a shift from centralized platforms toward means of self-custody. This reduces the immediate selling pressure and could be viewed as an optimistic factor.
Additionally, Telegram’s sentiment involving Ethereum has changed toward positivism. According to IntoTheBlock, more than 30% of the ETH-related messages on the app are positive, while only 2% are negative. The vast majority (67%) are neutral.
Optimism in social channels can create a sense of momentum, attracting more retail investors, which may lead to short-term price increases.
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