• FTX’s former chief engineer claimed that he had very little involvement with the donation proceedings of FTX.
  • Singh claimed that the donations money came from Alameda, which in turn, from FTX’s customers.

The criminal trial of Sam Bankman-Fried (SBF) enters its third week of hearing with another of his close circle members spilling the tea. Today (16 October), the spotlight lies on the former chief engineer — Nishad Singh, and his side of the story which fills the gaps from previous testimonies.

As per Inner City Press, Singh started by admitting to committing fraud and campaign finance violations along with SBF, Caroline Ellison, and others. The former executive stated that he had met Bankman-Fried through his younger brother Dave, one of his close friends. The UC Berkeley graduate started working for Alameda Research – the investment arm of FTX – in 2017 as a software engineer.

SBF in charge of it all?

Singh revealed that SBF was the one making calls on the endorsement deals and venture investments. At its zenith, FTX was spending millions on celebrities for endorsement purposes. SBF even wanted to bring in Taylor Swift, an American pop and country music star for $100 million. However, the plan went kaput after massive disapproval from the firm’s executives.

Nonetheless, by the time of its collapse, FTX had spent a whopping $1 billion on endorsements. Speaking about this, Singh expressed that he was “upset” given the sheer scale of money spent. He said,

“I said this is crazy, cut this. He (SBF) said he didn’t think these were bad spends. I pointed at a couple. He said he agreed, but that cutting would cost 70% of seeing them through.”

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