Former FTX Head of Engineering Meets US Prosecutors in Proffer Session, Donations to Democratic Candidates & PACs Under Scrutiny

Singh, the former head of engineering at the collapsed exchange ftx, recently met with us federal prosecutors in the southern district of new york u.s. attorney’s office to discuss a potential cooperation deal. two of sam bankman-fried’s closest former allies—alameda research ex-ceo caroline ellison and ftx co-founder gary wang—have already pleaded guilty to fraud charges and are currently cooperating with the southern district of new york. singh has not been accused of any wrongdoings.

Meeting between singh and the prosecutors occurred last week. singh could reportedly provide insight into the campaign finances of ftx, since he has donated over $9.3 million to democratic candidates and committees since 2020, with the largest recipient being mind the gap, a political action committee founded by sbf’s mother, barbara fried. singh also received $543 million in loans from alameda research.

The months preceding the collapse of ftx, bankman-fried made an estimated $46.5 million in political donations, with a significant portion going to democratic candidates. ftx gave over $41 million to various political action committees, and mind the gap received a $1 million donation. ftx’s new management team, helmed by its new ceo john j. ray iii, initiated the process of returning political donations made by the exchange and its former officers. a proffer session often includes an offer of limited immunity to encourage the interviewee to speak freely, and prosecutors first seek to weigh the value of shared information before a cooperation agreement is reached. political action committees can accept unlimited individual and corporate contributions, however, must remain formally separate from campaigns.

By Evey Lovelace

You May Also Like