How would you say things are going right now for Sam Bankman Freed?

The walls are closing in on Sam Bankman Freed.

Sam Bankman Freed was head of one of the biggest crypto exchanges in the world, FTX, and

tell his company's spectacular collapse last year.

He's been charged with fraud and accused of stealing customer money and using it for

other purposes.

He's pleaded not guilty.

Our colleague Alexander Asipovic has been writing about him.

He had a lot of bravado early on in this process.

I gave a lot of interviews, expressed some confidence that he was innocent and the

feds wouldn't be able to prove criminal charges against him.

But last week, there was a big development in the case against Bankman Freed.

It involved one of his top executives.

So last week, Nishad Singh appeared in court in Manhattan and pleaded guilty to six criminal

accounts, including a variety of fraud charges.

And he agreed to cooperate with the government, which means that he will be on call to potentially

testify against Sam Bankman Freed when Sam goes on trial in October.

Nishad Singh, the former director of engineering, is the third member of Bankman Freed's intercircle

of the flip.

And he could have key information about how his boss allegedly committed fraud.

And this is surely a troubling development for Sam Bankman Freed and his lawyers.

Welcome to the journal, our show about money, business, and power.

...