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Biggest Movers: DOGE Rebounds On Thursday, LTC Nears 1-Week High

22 Dec 2022

On Dec. 21, U.S. law enforcement officials from the Southern District of New York (SDNY), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) revealed they imposed fraud charges against FTX co-founder Gary Wang and ex-Alameda Research CEO Caroline Ellison. After Wang’s and Ellison’s surrender announcement, the public has been wondering where FTX’s director of engineering, Nishad Singh, is located and whether or not he has come forward yet.

Reports stemming from the SDNY federal court, the CFTC, and the SEC indicate that FTX co-founder Zixiao (Gary) Wang and ex-Alameda Research CEO Caroline Ellison have pleaded guilty to fraud charges. According to the U.S. attorney Damian Williams, Ellison and Wang are cooperating with law enforcement officials in a plea bargain for lighter sentences.

In addition to the announcement on Wednesday, Williams urged others that were involved in FTX’s misconduct to come forward as soon as possible. “[Law enforcement] is moving quickly and our patience is not eternal,” Williams stressed. One person who was not mentioned in the most recent indictments against Ellison and Wang was FTX’s director of engineering Nishad Singh.

According to public documents, in 2017, Singh graduated from the University of California, Berkeley, with a Bachelor’s degree in electrical engineering and computer science engineering. He worked for Facebook for a total of five months in 2017, after graduating from college. Prior to his role as FTX’s director of engineering, Singh was the director of engineering at Alameda Research.

It was well known that Singh was a very close member of Sam Bankman-Fried’s (SBF) inner circle and he’s been accused of misconduct in regard to FTX’s collapse. For instance, reports have detailed that Singh was allegedly part of SBF’s secret Signal chat channel called “Wirefraud.”

The Australian Financial Review’s United States correspondent Matthew Cranston said: “[AFR] has [learned] that FTX founders Sam Bankman-Fried and Zixiao ‘Gary’ Wang, along with FTX engineer Nishad Singh and former Alameda Research chief executive Caroline Ellison, used a chat group on Signal in the hope that the information would remain hidden.”

Records also show that Singh became a significant donor to the U.S. Democratic party and he donated $8 million during the 2022 midterm election cycle. Singh was the 34th largest Democrat donor, while his former boss SBF was the second largest Democrat donor under George Soros. Research also shows that Singh, alongside SBF and Wang, was responsible for FTX’s codebase, wallets, and trading engine.

Bloomberg reported that Singh allegedly “authored code that hid Alameda Research’s ballooning liabilities.” In the same report, the CFTC detailed that a great deal of FTX’s liabilities were hidden in a sub-account called the “Korean account,” which was reportedly used by SBF, Ellison, Wang, and Singh to obscure funds. Singh was also close to another FTX inner circle member named Ramnik Arora, and Singh was one of nine housemates that lived with SBF.

Singh once said that FTX was his “dream job,” and ever since FTX collapsed, no one has heard from the former FTX director of engineering. Singh’s and SBF’s good friend Arora, the head of product and investor relations, was also an important instrument to the FTX machine. Arora is described in reports as SBF’s “key lieutenant” and according to sources, he was the main executive who bolstered FTX’s relationships with Sequoia Capital and other investors.

An article published by The Information claims FTX’s Arora was “integral to FTX’s expansion,” and if it wasn’t for Arora’s efforts, FTX may not have raised as much money as it did. Like Singh, no one has heard from Arora yet, either, and whether or not he has come forward to address issues with U.S. law enforcement. So far, it seems only three of SBF’s inner circle members have snitched on him: Caroline Ellison, Ryan Salame, and Gary Wang.

U.S. attorney Damian Williams said on Wednesday that the FTX investigation is still ongoing, and more announcements will be made in the near future. With Salame, Ellison, and Wang in the bag, it looks as though no one who committed misconduct at FTX will be left unexposed.

What do you think about the fact that no one has heard from FTX’s director of engineering Nishad Singh yet? Do you expect other high-up FTX executives to come forward? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

On Dec. 21, U.S. law enforcement officials from the Southern District of New York (SDNY), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) revealed they imposed fraud charges against FTX co-founder Gary Wang and ex-Alameda Research CEO Caroline Ellison. After Wang’s and Ellison’s surrender announcement, the public has been wondering where FTX’s director of engineering, Nishad Singh, is located and whether or not he has come forward yet.

Reports stemming from the SDNY federal court, the CFTC, and the SEC indicate that FTX co-founder Zixiao (Gary) Wang and ex-Alameda Research CEO Caroline Ellison have pleaded guilty to fraud charges. According to the U.S. attorney Damian Williams, Ellison and Wang are cooperating with law enforcement officials in a plea bargain for lighter sentences.

In addition to the announcement on Wednesday, Williams urged others that were involved in FTX’s misconduct to come forward as soon as possible. “[Law enforcement] is moving quickly and our patience is not eternal,” Williams stressed. One person who was not mentioned in the most recent indictments against Ellison and Wang was FTX’s director of engineering Nishad Singh.

According to public documents, in 2017, Singh graduated from the University of California, Berkeley, with a Bachelor’s degree in electrical engineering and computer science engineering. He worked for Facebook for a total of five months in 2017, after graduating from college. Prior to his role as FTX’s director of engineering, Singh was the director of engineering at Alameda Research.

It was well known that Singh was a very close member of Sam Bankman-Fried’s (SBF) inner circle and he’s been accused of misconduct in regard to FTX’s collapse. For instance, reports have detailed that Singh was allegedly part of SBF’s secret Signal chat channel called “Wirefraud.”

The Australian Financial Review’s United States correspondent Matthew Cranston said: “[AFR] has [learned] that FTX founders Sam Bankman-Fried and Zixiao ‘Gary’ Wang, along with FTX engineer Nishad Singh and former Alameda Research chief executive Caroline Ellison, used a chat group on Signal in the hope that the information would remain hidden.”

Records also show that Singh became a significant donor to the U.S. Democratic party and he donated $8 million during the 2022 midterm election cycle. Singh was the 34th largest Democrat donor, while his former boss SBF was the second largest Democrat donor under George Soros. Research also shows that Singh, alongside SBF and Wang, was responsible for FTX’s codebase, wallets, and trading engine.

Bloomberg reported that Singh allegedly “authored code that hid Alameda Research’s ballooning liabilities.” In the same report, the CFTC detailed that a great deal of FTX’s liabilities were hidden in a sub-account called the “Korean account,” which was reportedly used by SBF, Ellison, Wang, and Singh to obscure funds. Singh was also close to another FTX inner circle member named Ramnik Arora, and Singh was one of nine housemates that lived with SBF.

Singh once said that FTX was his “dream job,” and ever since FTX collapsed, no one has heard from the former FTX director of engineering. Singh’s and SBF’s good friend Arora, the head of product and investor relations, was also an important instrument to the FTX machine. Arora is described in reports as SBF’s “key lieutenant” and according to sources, he was the main executive who bolstered FTX’s relationships with Sequoia Capital and other investors.

An article published by The Information claims FTX’s Arora was “integral to FTX’s expansion,” and if it wasn’t for Arora’s efforts, FTX may not have raised as much money as it did. Like Singh, no one has heard from Arora yet, either, and whether or not he has come forward to address issues with U.S. law enforcement. So far, it seems only three of SBF’s inner circle members have snitched on him: Caroline Ellison, Ryan Salame, and Gary Wang.

U.S. attorney Damian Williams said on Wednesday that the FTX investigation is still ongoing, and more announcements will be made in the near future. With Salame, Ellison, and Wang in the bag, it looks as though no one who committed misconduct at FTX will be left unexposed.

What do you think about the fact that no one has heard from FTX’s director of engineering Nishad Singh yet? Do you expect other high-up FTX executives to come forward? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

Dogecoin rebounded from Wednesday’s decline, as the meme coin moved away from a key support level. Prices have been hovering close to a two-month low in recent days, with today’s surge bringing optimism to remaining bulls. Litecoin was also higher, as the token remained close to a one-week high.

Dogecoin (DOGE) was in the green on Thursday, as the meme coin rebounded from recent lows.

Following a low of $0.07283 on Wednesday, DOGE/USD raced to an intraday peak of $0.07736 earlier in today’s session.

The move comes as prices rallied, following a recent collision with a support point at the $0.0715 level.

As can be seen from the chart, today’s move comes as the 14-day relative strength index (RSI) raced to a ceiling of 40.00.

Since this time, earlier gains have somewhat faded, with the meme coin trading at $0.07657 as of writing.

Should price strength manage to climb above this threshold, then DOGE could rally to a ceiling near $0.0800.

Litecoin (LTC) also rose on Thursday, as the token continued to trade near a one-week high.

LTC/USD hit a peak of $66.51 earlier in today’s session, which comes less than a day after it was residing at a low of $65.09.

Today’s high is marginally below Tuesday’s top at $66.90, which was the highest point LTC had hit since last Friday.

Looking at the chart, the move comes despite the 10-day (red) moving average (MA) recently extending its downward cross with the 25-day (blue) MA.

As of writing, the RSI is tracking at 39.67, which is below the next visible resistance line at 45.00.

Bulls will likely target this point, which could see LTC climb above the $70.00 price point.

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Tags in this story
Analysis, Doge, dogecoin, litecoin, LTC

Could LTC hit $70.00 in the coming few days? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

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