According to the latest reports, it seems that FTX somehow continues to remain in the spotlight. Check out the latest details below.
FTX exec to plead guilty to fraud charges
According to the latest reports, it seems that FTX’s former director of engineering is reportedly planning to plead guilty to fraud charges related to the crypto exchange platform’s high-profile downfall.
According to a new report by Bloomberg, “Nishad Singh is currently working out a plea deal with prosecutors that would have him plead guilty to fraud charges and possibly join forces with authorities against Sam Bankman-Fried, the firm’s former CEO and disgraced founder.”
As noted by the online pubcalition the Daily Hodl, it seems that Singh, a close friend of Bankman-Fried who had a major role in FTX’s day-to-day operations, helped develop the software the exchange was built on, according to the report.
The same notes revealed the fact that prosecutors are hoping Singh could shed light on FTX’s alleged illegal campaign contributions to US political candidates and how they relate to Bankman-Fried, per the report.
FTX collapse can benefit Bitcoin’s price in the future
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $23,371.
MicroStrategy founder Michael Saylor said that the crypto scandals and bankruptcies of 2022 would benefit Bitcoin (BTC) in the long run.
In a new fourth-quarter MicroStrategy earnings call, the Bitcoin bull predicted that there is a more rational approach to projects and enterprises in the crypto space in the aftermath of the many failures last year, including the FTX implosion.
He explained the fact that there are many of the token projects fell apart during the challenging microeconomic conditions in 2022, and they were doomed from the start due to weak use cases. Stay tuned for more news.