Former FTX Engineering Director Testifies Against Sam Bankman-Fried in Criminal Trial
In the ongoing criminal trial of former FTX CEO Sam “SBF” Bankman-Fried, former FTX engineering director Nishad Singh testified that Bankman-Fried would make purchase decisions for Alameda Research without consulting others. Singh stated that while Caroline Ellison and Sam Trabucco led Alameda, Bankman-Fried ultimately had control over the company. Despite his separate role at FTX, Bankman-Fried allegedly spent Alameda’s money unilaterally and even threatened to fire Ellison. Singh also expressed his distrust towards Bankman-Fried, citing excessive spending and investments in companies like Anthropic and K5 Global.
Testimonies from Other Key Figures
Singh’s testimony came after testimonies from Caroline Ellison and Gary Wang, who pleaded guilty to fraud charges related to Alameda’s use of FTX funds without user consent. Ryan Salame, former co-CEO of FTX Digital Markets, also pleaded guilty but is not expected to testify. Tareq Morad, an FTX user, testified about his perception of Bankman-Fried and how it influenced his decision to invest with the exchange.
Duration of the Trial and Future Proceedings
The trial is expected to continue through November, with Bankman-Fried potentially facing another trial in March 2024. So far, Ellison, Wang, and Singh have all admitted to committing crimes alongside Bankman-Fried. The former CEO has pleaded not guilty to all charges.
Hot Take: Key Takeaways from the Testimony Against Sam Bankman-Fried
In the ongoing criminal trial against former FTX CEO Sam “SBF” Bankman-Fried, testimonies from key figures like Nishad Singh have shed light on Bankman-Fried’s alleged control over Alameda Research and his unilateral decision-making. Singh’s testimony revealed Bankman-Fried’s excessive spending and investments without consulting others, leading to a lack of trust among his colleagues. These revelations further support the fraud charges brought against Bankman-Fried and highlight the potential consequences of unchecked power within the crypto industry. As the trial continues, it remains to be seen how these testimonies will impact the outcome and the reputation of Bankman-Fried in the crypto community.
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