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CoinCu reports real-time updates following the Sam Bankman-Fried trial live at the US District Court for the Southern District of New York. The trial may last six weeks; stay updated. Sam Bankman-Fried Trial Live Calendar Day Eight – October 16, 2023 Testimony of Nishad Singh: Bankman-Fried’s Excessive Spending The trial of Sam Bankman-Fried continued with the testimony of Nishad Singh, the former director of engineering at FTX. Singh, like other witnesses, has pleaded guilty to fraud and conspiracy counts and is cooperating with prosecutors. In his testimony, Singh mentioned Bankman-Fried’s excessive spending and described him as a formidable character. He also admitted to committing crimes with Bankman-Fried, Caroline Ellison, Gary Wang, and Ryan Salame, including defrauding customers and investors. Singh, who had close ties to Bankman-Fried, described a “crazy, blame game” in the final days leading up to FTX’s demise. He testified that he asked Bankman-Fried to clarify everyone’s role in the fraud scheme and wanted Bankman-Fried to take the blame for orchestrating everything. Intertwining of FTX Bahamas and US Arm Revealed by Singh Singh also revealed that FTX Bahamas and its US arm were more intertwined than publicly suggested, with loans from Alameda being used to fund investments and acquisitions for FTX’s US unit. He mentioned that political donations were often made through his accounts, with funds taken from Alameda’s account and wired to Singh’s Prime Trust account. Furthermore, Singh testified about discussions to shut down Alameda in September 2022 and his attempts to stop spending on endorsements and other expenses. He considered leaving the company every day due to the worsening financial condition and feeling betrayed. During the trial, Bankman-Fried’s lawyers raised the issue of his access to Adderall, a drug prescribed for his ADHD and depression, stating that he may not be able to meaningfully participate in…

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Filed under: News - @ October 17, 2023 12:18 pm