FTX head of engineering to forfeit $3.7M in CFTC settlement

Nishad Singh, the former head of engineering at the bankrupt cryptocurrency exchange FTX, has agreed to forfeit $3.7 million in ill-gotten gains in a settlement with the U.S. Commodity Futures Trading Commission (CFTC), Bloomberg reported. In a statement, the CFTC said it has banned Singh from trading for five years and from registering with the commission for eight years. However, the agency did not impose separate fines or restitution, citing his active cooperation with the investigation. Singh previously pleaded guilty to fraud charges, admitting that in 2019 he modified the codebase to allow FTX's sister company, Alameda Research, to make unlimited cryptocurrency withdrawals.