FTX Executive Forced to Relinquish $3.7 Million Island Retreat to Authorities

Nishad Singh, FTX’s former Lead Engineer, recently made headlines after his $3.7 million vacation home in the San Juan Islands was seized by the U.S. government.

Singh purchased the property just two weeks before FTX filed for bankruptcy. Now, after pleading guilty to multiple charges related to his role at FTX, including wire fraud, money laundering, and campaign finance violations, he has been forced to forfeit the home.

Located on a wooded hill, the six-bedroom home boasts a lap pool and a hot tub, making it the perfect getaway spot.

However, Singh’s luxury lifestyle was funded by money from his FTX account, which authorities believe is directly linked to his crimes.

Prosecutors allege that FTX executives misappropriated funds at the exchange for personal use and trading at Alameda Research, a claim supported by FTX bankruptcy head John Ray.

Singh isn’t the only FTX executive to face the consequences of these allegations. FTX co-founder Gary Wang, Alameda Research CEO Caroline Ellison, and CEO Sam Bankman-Fried have also been implicated.

Bankman-Fried has pled not guilty to his 12-count indictment, but his fellow executives have all confessed to the crimes, with Singh receiving a smaller sentence in return for an early plea.

In addition to forfeiting his vacation home, Singh has also been forced to forfeit an undisclosed amount of stock. This comes after Bankman-Fried saw his $470 million worth of Robinhood shares seized by the DOJ in February.

The situation has also raised questions about a charity linked to FTX, which allegedly used funds to purchase a multi-million dollar mansion in the Czech Republic in July 2022.