A former FTX executive and onetime billionaire has testified against the cryptocurrency exchange’s founder, Sam Bankman-Fried, at his New York City federal fraud trial
, on Monday at his fraud trial, saying his admiration for him faded as he watched excessive spending on investments, property and celebrities precede a $13 billion shortfall that left him feeling"blindsided and horrified."
“I was blindsided and horrified,” he said, adding that it seemed five years of hard work was wasted and that “something that I thought was a beautiful source for good had turned out to be so evil.” Singh, who grew up in the San Francisco area, said he joined Alameda Research in 2017 — the year it was founded — and considered Bankman-Fried to be a “formidable character” who he'd always found intimidating.
He said $205 million was spent to rename the Miami venue where the Miami Heat played its home games after FTX and another $150 million was spent on a Major League Baseball endorsement, along with millions more on advertising featuring star quarterback Tom Brady and comedian Larry David.
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Ex-FTX exec was 'horrified' last year when he learned of $13 billion shortfallA former FTX executive and onetime billionaire has testified against the cryptocurrency exchange’s founder, Sam Bankman-Fried, at his New York City federal fraud trial.
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Ex-FTX exec was 'horrified' last year when he learned of $13 billion shortfallA former FTX executive and onetime billionaire has testified against the cryptocurrency exchange’s founder, Sam Bankman-Fried, at his New York City federal fraud trial
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Sam Bankman-Fried stole billions for shopping sprees and risky investments, former FTX executive saysBarnini Chakraborty is the senior investigations reporter at the Washington Examiner. She has previously worked at Fox News as a senior features and politics reporter. She's also worked at Fox Business as a field producer and at Dow Jones. She began her career at the Augusta Chronicle in Georgia.
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FTX’s former head of engineering Nishad Singh is testifying against Sam Bankman-Fried.The FTX fraud trial continues, now with testimony from Singh, who’d owned 7.8 percent of the company and pleaded guilty to fraud charges in February. He’s admitted on the stand to committing fraud and campaign finance violations in a conspiracy with SBF, Alameda Research CEO Caroline Ellison, FTX CTO Gary Wang, and others.
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FTX’s Political Donations Came From Stolen Customer Funds, Testifies Company Insider Nishad SinghFormer FTX engineering director said he committed crimes alongside Sam Bankman-Fried
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