Fun

News Feed - 2023-10-17 12:10:03

Turner Wright8 hours agoNishad Singh testifies on Sam Bankman-Fried’s ‘excessive’ investments through AlamedaThe former FTX engineering director reportedly testified that SBF would “unilaterally spend Alameda’s money” and was “ultimately” in charge of the firm rather than Caroline Ellison.4765 Total views7 Total sharesListen to article 0:00NewsJoin us on social networksFormer FTX engineering director Nishad Singh reportedly told a New York courtroom that former CEO Sam “SBF” Bankman-Fried had a habit of deciding on purchases through Alameda Research by himself.


According to reports from SBF’s criminal trial on Oct. 16, Singh said that while Caroline Ellison and Sam Trabucco led Alameda, Bankman-Fried was “ultimately” in charge of the company. The former engineering director reportedly testified that “SBF would unilaterally spend Alameda’s money” despite his supposedly separate role at FTX, also threatening to fire Ellison. 


“I learned of spending [at Alameda] after the fact,” said Singh, according to reports. “I’d complain about the excess and flashiness, which I found different than what we were building the company for. [SBF would] say I didn’t understand, he was out there interacting with people. I thought we were fleeced for $20 million, he said I was sowing doubt.” 


Singh added:“Sam is a formidable character. I came to distrust him.”


The former engineering director reportedly cited investments in artificial intelligence startup Anthropic and K5 Global, the investment firm linked to high-profile figures such as former United States Secretary of State Hillary Clinton and Hollywood celebrities. According to Singh, SBF ordered him and former chief technology officer Gary Wang to go ahead with a $1 billion investment in K5 Global co-owners Michael Kives and Bryan Baum’s venture capital firm.


“I asked that it be done with Sam’s money and not FTX’s money,” said Singh according to reports.Subscribe to our ‘1 Minute Letter’ NOW for daily deep-dives straight to your inbox! ⚖️ Be the first to know every twist and turn in the Sam Bankman-Fried case! Subscribe now: https://t.co/jQOIYUv6IW #SBF pic.twitter.com/gp7zJu5sgy— Cointelegraph (@Cointelegraph) October 5, 2023


Singh’s testimony came on the ninth day of Bankman-Fried’s criminal trial, which kicked off in New York on Oct. 3. Members of the jury have already heard from Ellison and Wang. Ellison, Wang, Singh and former FTX Digital Markets co-CEO Ryan Salame pleaded guilty to fraud charges related to Alameda using FTX funds for investments without users’ consent. Salame is not expected to testify in the trial, and it was unclear if the defense team intended to put SBF on the stand.


Prior to Singh, prosecutors called on FTX user Tareq Morad on Oct. 16 to speak on his understanding of how the crypto exchange planned to use his deposits and how his perception of Bankman-Fried influenced his decision to invest with the firm. Morad reportedly testified that amid reports of withdrawal issues at FTX in November 2022, he believed SBF’s “assets are fine” tweet. 


Related:Sam Bankman-Fried needs more Adderall to focus during trial, say lawyers


Bankman-Fried’s criminal trial is expected to run through November, following which he will likely enter another courtroom in March 2024 to face similar charges. The former FTX CEO has pleaded not guilty to all 12 counts of his indictment.


So far in court, Ellison, Wang and Singh all admitted to committing crimes with Bankman-Fried. Ellison testified she provided fraudulent documents and made misleading statements concerning Alameda using FTX funds, and Wang said those in charge “allowed Alameda to withdraw unlimited funds.”


Magazine:Can you trust crypto exchanges after the collapse of FTX?# Investments# Court# Crimes# Sam Bankman-Fried# FTX# RegulationAdd reactionAdd reactionRead moreWhat are NFT royalties, and how do they work?Meet the guerilla artist who staged a crypto ‘rug pull’ in front of the SECToken adoption grows as real-world assets move on-chain

News Feed

Crypto Lender Blockfi Files for Bankruptcy Protection to ‘Maximize Value for All Clients’
Crypto Lender Blockfi Files for Bankruptcy Protection to "Maximize Value for All Clients" On Nov. 28, 2022, the crypto lender Blockfi informed the public via a press release that t
Senate proposal for crypto tax exemption is long overdue
Nicholas Anthony4 hours agoSenate proposal for crypto tax exemption is long overdueFour senators are fighting to exempt low-value crypto transactions from federal taxation. Congressional approval for their proposal is lo
Prashant Jha12 hours agoWorldcoin opens up WLD reservations for unverified usersWorldcoin project has remained controversial right from its announcement and is currently facing regulatory trouble in multiple jurisdiction
Old Dolomite exchange contract suffers $1.8M loss from approval exploit
Christopher Roark2 hours agoOld Dolomite exchange contract suffers $1.8M loss from approval exploitThe Ethereum version of Dolomite suffered a $1.8 million exploit, and the team is warning users to revoke approvals for t
Lunar Labs Co-Founder Luke Youngblood Talks Moonwell Artemis and Over-Collateralized Loans
Lunar Labs Co-Founder Luke Youngblood Talks Moonwell Artemis and Over-Collateralized Loans Moonwell is an open lending and borrowing DeFi protocol on Moonbeam and Moonriver. Moonwe
Bitcoin derivatives turn bearish as traders anticipate sub $60K BTC price
Marcel Pechman4 hours agoBitcoin derivatives turn bearish as traders anticipate sub $60K BTC priceBitcoin derivatives data suggests that macroeconomic and crypto-specific factors are behind BTC’s recent drop below $60,
Police in Kosovo Seize Crypto Mining Rigs From Serbs
Police in Kosovo Seize Crypto Mining Rigs From Serbs Kosovo police have seized dozens of crypto mining devices from residents of a majority Serb region in the north of the country.
Brayden Lindrea1 hour agoCrypto lender BlockFi gets court nod to repay customersThe approval is seen as a milestone moment for BlockFi"s over 100,000 creditors, who have been long awaiting repayment.390 Total views27 Tot
Russia to Supply Electricity to Kazakhstan’s Cryptocurrency Miners
Russia to Supply Electricity to Kazakhstan’s Cryptocurrency Miners Russia is preparing to provide Kazakhstan with additional energy needed to operate crypto mining farms in the C
Covid-19: IMF Urges More Stimulus Support For Non-Contact Intensive Businesses
Covid-19: IMF Urges More Stimulus Support For Non-Contact Intensive Businesses The International Monetary Fund (IMF) is encouraging countries to create money to
Billionaire Warns of Imminent Bank Runs if Government Fails to Guarantee All SVB Deposits
Billionaire Warns of Imminent Bank Runs if Government Fails to Guarantee All SVB Deposits Billionaire Bill Ackman has warned of “vast and profound” consequences of the
Bold Call: Bitcoin Could Soar To $210K This Year, Says Research Chief
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu