{"id":15646,"date":"2024-10-30T08:02:24","date_gmt":"2024-10-30T09:02:24","guid":{"rendered":"http:\/\/medexperts.pro\/?p=15646"},"modified":"2024-10-30T09:27:03","modified_gmt":"2024-10-30T09:27:03","slug":"how-ftxs-young-executives-shattered-their-parents","status":"publish","type":"post","link":"https:\/\/medexperts.pro\/?p=15646","title":{"rendered":"How FTX\u2019s Young Executives Shattered Their Parents"},"content":{"rendered":"
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As their children are sentenced for fraud, the parents of FTX\u2019s top leaders have described their disbelief at how the crypto exchange upended their lives.<\/p>\n

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The week that FTX collapsed in 2022, the father of Nishad Singh, one of the crypto exchange\u2019s top executives, arrived at the airport to pick him up.<\/p>\n

His son, who had just turned 27, appeared suicidal. \u201cNishad was a shell of himself, completely destroyed by his guilt,\u201d Gururaj Singh, a veteran tech executive<\/a>, recalled in a recent court filing.<\/p>\n

For the next five months, the elder Mr. Singh, now 63, put his career on hold to focus on his son\u2019s mental health. \u201cEvery minute I was not next to him, I worried that I would be told by someone that he had just ended his life,\u201d he wrote.<\/p>\n

He also had to come to terms with an alarming fact: His son, a talented software engineer who had graduated with the highest honors from the University of California, Berkeley, was a criminal. Nishad Singh had helped oversee a sweeping conspiracy<\/a> that erased $8 billion from FTX\u2019s books, plunging the company into bankruptcy, draining customers\u2019 savings and prompting a slew of criminal investigations centered on Sam Bankman-Fried<\/a>, the founder of FTX.<\/p>\n<\/div>\n<\/div>\n

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The younger Mr. Singh pleaded guilty<\/a> to fraud last year. On Wednesday, he is scheduled to be sentenced for his role in FTX\u2019s implosion, making him the third of the company\u2019s top leaders to receive a punishment.<\/p>\n

Each of those cases has illustrated an emotional subplot of the FTX drama: the plight of the conspirators\u2019 parents, a group of wealthy academics and high-achieving immigrants who were heavily involved in their adult children\u2019s lives. Before the crypto exchange failed, they had all lived versions of the upper-middle-class dream, raising children who coasted from selective schools into high-paying jobs. Now they are consumed by sadness and disbelief, struggling to understand how such a fate could have befallen families like theirs.<\/p>\n

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As their children are sentenced for fraud, the parents of FTX\u2019s top leaders have described their disbelief at how the crypto exchange upended their lives.The week that FTX collapsed in 2022, the father of Nishad Singh, one of the crypto exchange\u2019s top executives, arrived at the airport to pick him up.His son, who had just turned 27, appeared suicidal. \u201cNishad was a shell of himself, completely destroyed by his guilt,\u201d Gururaj Singh, a veteran tech executive, recalled in a recent court filing.For the next five months, the elder Mr. Singh, now 63, put his career on hold to focus on his son\u2019s mental health. \u201cEvery minute I was not next to him, I worried that I would be told by someone that he had just ended his life,\u201d he wrote.He also had to come to terms with an alarming fact: His son, a talented software engineer who had graduated with the highest honors from the University of California, Berkeley, was a criminal. Nishad Singh had helped oversee a sweeping conspiracy that erased $8 billion from FTX\u2019s books, plunging the company into bankruptcy, draining customers\u2019 savings and prompting a slew of criminal investigations centered on Sam Bankman-Fried, the founder of FTX.The younger Mr. Singh pleaded guilty to fraud last year. On Wednesday, he is scheduled to be sentenced for his role in FTX\u2019s implosion, making him the third of the company\u2019s top leaders to receive a punishment.Each of those cases has illustrated an emotional subplot of the FTX drama: the plight of the conspirators\u2019 parents, a group of wealthy academics and high-achieving immigrants who were heavily involved in their adult children\u2019s lives. Before the crypto exchange failed, they had all lived versions of the upper-middle-class dream, raising children who coasted from selective schools into high-paying jobs. Now they are consumed by sadness and disbelief, struggling to understand how such a fate could have befallen families like theirs.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and\u00a0log into\u00a0your Times account, or\u00a0subscribe\u00a0for all of The Times.Thank you for your patience while we verify access.Already a subscriber?\u00a0Log in.Want all of The Times?\u00a0Subscribe.<\/p>\n","protected":false},"author":1,"featured_media":15648,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-15646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/15646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15646"}],"version-history":[{"count":2,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/15646\/revisions"}],"predecessor-version":[{"id":15649,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/15646\/revisions\/15649"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/media\/15648"}],"wp:attachment":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}