FTX's former chief engineer Nishad Singh relinquished a $3.7 million vacation home in the Pacific Northwest to the US government because prosecutors believe it's tied to his crimes,The 27-year-old bought the six-bedroom house, overlooking the San Juan Islands that lie between Seattle and Vancouver, on October 25 – just weeks before the crypto exchange filed for bankruptcy, according to Bloomberg. He reportedly paid for the property using money from his personal FTX account.
Sources told Bloomberg he'd agreed to give up the property as part of his guilty plea in the federal fraud case about the exchange's collapse, in which founder Sam Bankman-Fried and other executives were accused of misappropriating FTX's customer funds. These sources requested anonymity because the forfeiture was withdrawn from court records.
Singh's lawyers Andrew D. Goldstein and Russell Capone did not immediately respond to Insider's request for comment about the forfeiture. The property stands on a wooded hill with fruit trees, and features a lap pool and a hot tub, per Bloomberg.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Binance gets more popular with Bankman-Fried's FTX out of the pictureBinance continues to get more popular with Sam Bankman-Fried's FTX out of the picture, despite increased regulatory scrutiny
Source: BusinessInsider - 🏆 729. / 51 Read more »