CFTC Settles With Former FTX Engineer for $3.7M, Closing First Individual Case

In brief

• The CFTC has finalized a $3.7 million disgorgement order against former FTX engineering head Nishad Singh, with no civil penalty imposed.
• Three individual cases in the agency's FTX enforcement docket remain unresolved.
• The full FTX enforcement docket may not close until around mid-2027, Decrypt was told. The Commodity Futures Trading Commission has finalized a disgorgement order against former FTX engineering head Nishad Singh with no civil penalty imposed, closing the first individual case in the agency's multi-year FTX enforcement action. A supplemental consent order filed in the Southern District of New York requires Singh to pay $3.7 million in disgorgement, representing real estate he purchased in October 2022 with funds he knew consisted of misappropriated FTX customer assets, per the order.

.@CFTC Resolves Action Against Former FTX Head of Engineering:

— CFTC (@CFTC) April 1, 2026 In addition to the $3.7 million disgorgement, the consent order imposes a five-year trading ban and an eight-year registration ban. The CFTC waived restitution and civil penalties, citing Singh's cooperation and his joint and several liability for an $11.02 billion criminal forfeiture order. Singh “engaged in, and aided, significant violations of the Act and CFTC regulations as the former FTX head of engineering, and the consent orders reflect the severity of these violations,” CFTC director of enforcement David Miller said in a . Still, the resolution of Singh’s case points to the Commission’s stance on “rewarding and incentivizing material assistance” for its investigations, Miller added. Singh's settlement represents the first individual case the CFTC has fully resolved in its FTX enforcement action, which began in December 2022. He served as FTX's head of engineering and admitted in his February 2023 guilty plea to maintaining code that allowed Alameda Research to withdraw billions in customer funds from the exchange without disclosure. In October 2024, he testified against Bankman-Fried at trial and for doing so. “It’s almost impossible to quantify the role of someone building systems that enabled the misappropriation of customer funds, because systems are systems,” Christian Ruz, business strategy director at crypto agency Hype, told *Decrypt*. Singh "built a centralized system to manage deposits, customer funds and trading activities," Ruz said, adding that such a system is "neither good nor bad on its own, but it's how you use it."