The lead engineer at FTX, Nishad Singh, spent $3.7 million on a vacation property in the San Juan Islands in October. The U.S. government has now taken possession of the land.
The house, which was bought around two weeks before FTX’s bankruptcy, is situated on a hillside and boasts six bedrooms, a lap pool, and a hot tub.
After pleading guilty to many counts stemming from his work at FTX, including wire fraud, money laundering, and breaches of campaign finance laws, Singh was forced to surrender the house.
While Singh, 27, used funds from his FTX account to pay for the house, officials think the funds are directly related to his crimes.
Authorities believe that Bankman-Fried and his friends stole money from the exchange for their own use and to trade at Alameda Research. FTX bankruptcy chief John Ray supports this allegation.
In July 2022, it seemed that money from a charity connected to FTX was used to buy a multi-million dollar property in the Czech Republic.
According to Bloomberg, Singh also had to give up an unknown quantity of shares. The Government confiscated Sam Bankman-Fried’s $470 million worth of Robinhood shares in February.
While Singh, FTX co-founder Gary Wang, and Alameda Research CEO Caroline Ellison have all admitted to the crime, Bankman-Fried has pled not guilty to his 12-count charge. Singh received a reduced term in exchange for an early plea.