A former executive of the cryptocurrency exchange FTX has pleaded guilty to charges filed against him, according to a report from Bloomberg. Nishad Singh, the former Chief Engineering Officer of FTX, is cooperating with the U.S. Securities and Exchange Commission (SEC) and will work in the case built against his former boss, Sam Bankman-Fried (SBF).

Singh pleaded guilty to a six-count indictment, including wire fraud, conspiracy to commit securities fraud, campaign finance law violation, and other charges. During a court hearing held today at the Manhattan federal court, the former FTX Chief Engineering said: “I am unbelievably sorry for my role in this and the harm it caused. I took actions to make it appear that FTX’s revenues were higher than they were and provided that information to auditors. I knew my conduct was wrong.”

The SEC claims that Singh was behind the software code that allowed the crypto exchange to defraud its customers. In public, SBF assured its customers and others that the company was taking appropriate steps to protect its funds. The SEC claims that these statements were misleading.

Gurbir Grewal, Director of the SEC’s Division of Enforcement, said: “We allege that this was fraud, pure and simple: while on the one hand FTX touted its supposed effective risk mitigation measures to investors, on the other Mr. Singh and his co-defendants were stealing customer funds using software code Mr. Singh helped create. A pillar of our securities laws is that when companies and their representatives decide to speak on an issue, they can’t lie to investors on matters that are core to their investment decisions.”

The SEC, the Commodities Futures Trading Commission (CFTC), and the U.S. Attorney’s Office for the Southern District of New York have all pressed charges against Singh as part of the agreement. He is the third executive to fold and join the investigation against SBF.

The case against FTX and its executives highlights the importance of transparency and accountability in the cryptocurrency industry. It is essential that companies and their representatives are honest and truthful when providing information to investors.