In a developing story, another former high-ranking FTX official has initiated talks with the prosecution surrounding the case against Bankman-Fried.

As the clock ticks down to Sam Bankman-Fried's trial, it seems that more of his ex-colleagues are turning against him. Nishad Singh is also in talks with federal prosecutors seeking a deal for cooperation, according to Bloomberg. reports .

Before Singh, chief executive of Alameda Research Caroline Ellison and Gary Wang, co-founders of FTX, have already begun assisting authorities in their investigations, aiming for reduced sentences, and it appears that Singh is taking a more proactive stance. Unlike Ellison and Wang, he hasn't faced charges yet, but teaming up with the prosecution could benefit him in the long run if he is eventually charged. Both the SEC and CFTC are eyeing Singh's involvement closely.

While Singh has attended discussions with the U.S. Attorney’s Office in the Southern District of New York, his participation doesn’t guarantee he will receive a cooperation deal; he needs to provide substantial information regarding the case against Bankman-Fried.

Singh’s potential insights could be quite valuable, especially considering his reputation as a major Democratic donor, having contributed $9.3 million to various candidates and committees since 2020. This background might give him insider knowledge about political contributions from FTX, including a notable $1 million donation made by Bankman-Fried’s mother’s political action committee, Mind The Gap.

Court documents from the bankruptcy proceedings reveal that Alameda Research has also loaned Singh substantial sums of money.

What’s happened in the FTX case so far?

Both Ellison and Wang have pled guilty to fraud charges and are currently awaiting their sentences. Given the severity of Ellison’s seven counts, which include serious offenses like wire fraud and conspiracy against FTX and Alameda Research clients, she faces a staggering maximum sentence of 110 years and hefty fines. Similarly, Wang could serve up to 50 years for admitting guilt on all five counts, four of which involve significant fraud-related charges. Their cooperation with prosecutors may result in more lenient outcomes.

Meanwhile, Bankman-Fried entered a not-guilty plea On January 3, in a Manhattan federal court, Bankman-Fried’s legal representative, Mark Cohen, stated that his client has pleaded not guilty to every charge brought against him.

An initial trial date has been tentatively scheduled for October 2, but this may change as the case develops. The prosecution predicts a lengthy trial, potentially spanning a whole month to present its case, with the defense team estimating it may take up to three weeks to lay out their arguments.

Currently, Bankman-Fried is residing at his parents' home in Palo Alto, California, while he awaits trial.

Read more about FTX:

• As the FTX empire of Sam Bankman-Fried collapses, the Solana blockchain is experiencing significant public scrutiny and mounting pressure.
• The CFTC has filed additional charges against Sam Bankman-Fried, FTX, and Alameda Research.
• The collapse of FTX raises concerns about the potential risks faced by various Metaverse and NFT projects.
• What implications does the FTX crisis have for the NFT market?