Former FTX CEO Sam Bankman-Fried’s defense questions Nishad Singh in cross-examination
The defense team representing former FTX CEO Sam Bankman-Fried, also known as SBF, conducted their cross-examination of Nishad Singh, the former engineering director. Singh admitted that he did not remember many details from June to July 2022 during questioning from SBF’s defense attorney. He claimed to have no knowledge of a software bug that caused an $8 billion discrepancy in Alameda Research’s liabilities until overhearing a conversation between two former FTX employees.
Prosecutors continue calling witnesses in SBF’s trial
SBF is currently facing seven charges related to fraud at FTX and Alameda. The trial has entered its tenth day, with Singh being one of the witnesses called to testify. In his testimony, Singh expressed concern about the lack of transparency in Alameda’s use of FTX customer funds for investments and revealed that he had experienced suicidal thoughts during FTX’s financial troubles in November 2022. The prosecution is expected to call more witnesses until late October before the defense presents its case.
Schedule and additional charges
The first criminal trial against Bankman-Fried is expected to conclude in November. However, he will face an additional five counts in a second trial scheduled for March 2024. Bankman-Fried has pleaded not guilty to all charges brought against him.
Hot Take: Bankman-Fried’s defense challenges witness testimony
In the ongoing criminal trial against Sam Bankman-Fried, his defense team has been questioning witness Nishad Singh regarding events leading up to the alleged fraud at FTX and Alameda Research. Singh admitted to having gaps in his memory during a crucial period and claimed ignorance of a software bug that caused significant financial discrepancies. This challenges the prosecution’s narrative and raises questions about the transparency of Alameda’s use of customer funds. The trial is ongoing, and as more witnesses testify, the defense will have an opportunity to present their theory of the case. Bankman-Fried maintains his plea of not guilty to all charges.
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