Singh said that even after learning about the hole, “implicitly and explicitly, I green-lit transactions that I knew must have been digging the hole deeper and therefore coming from customer funds.” While Wang and Ellison have pled guilty, each witness has pointed to Bankman-Fried as the orchestrator of fraud and money laundering. Singh’s testimony helps corroborate the statements given by three previous prosecution witnesses, all of whom were in Bankman-Fried’s inner circle: FTX CTO Gary Wang, Alameda CEO Caroline Ellison and FTX engineer Adam Yedidia. Singh, who has already pled guilty to fraud, money laundering and violation of campaign finance laws, said Monday that he learned of the massive hole in Alameda’s books as a result of a coding error that “prevented the correct accounting” of user deposits by around $8 billion. Singh’s testimony, which kicked off the third week of Bankman-Fried’s trial, provides fresh details of exactly where that money went. Sam Bankman-Fried and other FTX executives spent $8 billion worth of customer funds on real estate, venture capital investments, campaign donations, endorsement deals and even a sports stadium, according to testimony from former senior FTX executive Nishad Singh.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |