FTX's former Head of Engineering Nishad Singh fined $3.7 million by CFTC, and Receives Trading and Registration Ban
On Wednesday, April 2nd, the U.S. Commodity Futures Trading Commission (CFTC) announced a supplemental consent order in its enforcement action against Nishad Singh, FTX’s former Head of Engineering. Singh is ordered to pay a $3.7 million fine tied to illegal profits, and he faces a five-year trading ban and an eight-year registration ban—barring him from obtaining licenses to operate in relevant industries. The CFTC’s Enforcement Director noted the penalty accounts for Singh’s cooperation with authorities.
Previously, Singh faced multiple legal actions from the CFTC, U.S. Securities and Exchange Commission (SEC), and Department of Justice (DOJ) over his role in FTX’s November 2022 insolvency and user fund misappropriation. His SEC case settled in December 2025 with an eight-year industry ban. In the criminal matter, Singh cooperated by testifying against former CEO Sam Bankman-Fried and working with prosecutors, resulting in a sentence of time served plus three years of supervised r
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Japanese and South Korean Stock Markets Retreat, KOSPI Falls by Nearly 4.5%
April 2: Trump’s speech lifted oil prices and dashed hopes for interest rate cuts, jolting global markets—with Japanese and South Korean stocks retreating.
The Nikkei 225 closed Thursday down 1,276.41 points (2.38%) at 52,463.27. The South Korean KOSPI finished lower by 244.91 points (4.47%) at 5,233.79.
(Source: FXStreet)
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After multiple liquidation events, the "buy high, sell low" whale shorted the S&P 500 with 50x leverage, suffering a 19% loss immediately after opening the position
April 2nd — Hyperinsight monitoring data shows that over the past 20 minutes, the "buy the dip" whale (address 0x965) opened a 50x-leveraged short position on the S&P 500 with a position size of $12.2 million, at an average entry price of $6,453.5.
Ten minutes after opening, the position was down 19% (roughly $45,000) and is currently being liquidated at $6,537.7.
Additionally, the address has fully closed its newly opened Brent Oil short position today, posting a total daily loss of $806,000. It has also sequentially deposited $478,000 into Hyperliquid.
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HyperCore's daily net burn exceeds 17,000 HYPE, putting the projected annualized deflation at over 6 million tokens.
**April 2 Update**
Per official data from Hyperliquid (via https://app.hyperliquid.xyz/join/NTOD), April 1 activity included:
- HyperCore repurchasing 43,749.54 HYPE at an average price of ~$36.77;
- 26,657 HYPE distributed to stakers and 24 validating nodes;
- A net permanent burn of 17,092 HYPE (offsetting repurchases against distributions) → ~17,000 HYPE in daily net deflation.
Extrapolating this daily rate suggests ~6.15 million HYPE in annual deflation.
By comparison, Solana adds ~25.19 million SOL yearly via staking and validator rewards (driven by inflation).
Notably, HyperCore’s repurchase efficiency is negatively correlated with price—designed to smooth supply pressure across market cycles.
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Alabama Becomes Second State in the U.S. to Grant DAOs Legal Status
On April 2, per Cointelegraph, Alabama Governor signed the Decentralized Nonprofit Organization Act—making the state the second, after Wyoming, to grant legal status to decentralized autonomous organizations (DAOs).
The legislation provides DAOs with legal standing and limited liability protection, granting them full legal entity status to own property, sue and be sued, enter into contracts, and shield individual members and managers from personal liability. Eligibility requires a DAO to have at least 100 members and operate for a common nonprofit purpose, such as governing a blockchain network or smart contract system.
The policy head at a16z Crypto stated that decentralized governance is core to crypto’s future, and this act gives decentralized communities certainty to build, govern, and scale in the real world. A similar West Virginia bill has passed the House and is awaiting the governor’s signature.
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