"Unfortunately, later one thing will have to think about which house to stay when on vacation."
The Chief Engineer of cryptocurrency exchange company FTX, Nishad Singh who bought a vacation home worth $3.7 million in the San Juan Islands last October has been confiscated by the United States (US) government.
For context, the home, which sits on a wooded hill, has six bedrooms, a pool and a hot tub, was purchased two weeks before FTX faced bankruptcy.
It was reported that Singh had to accept the forfeiture of the assets after pleading guilty to various charges such as wire fraud, money laundering and campaign finance violations.
Although Singh bought the house with money from his FTX account, authorities believe the funds were directly linked to his crimes.
According to prosecutors, former Chief Executive Officer (CEO) of FTX, Sam Bankman-Fried (SBF) and his associates misused company funds for personal use to trade in Alameda Research.
Not only that, a charity linked to FTX has used the funds to buy a multi-million dollar mansion in the Czech Republic in July 2022.
It is widely known that Singh was also forced to forfeit a number of his shares while SBF saw $470 million worth of Robinhood shares seized by the Department of Justice (DOJ) in February.
Be informed, SBF pleaded not guilty to the 12 charges he was accused of but Singh's executive partner, FTX co-founder Gary Wang and Alameda Research CEO Caroline Ellison admitted to the crime committed by them.
