Crown

Kevin

David

Gary

<div class="cryptonews">
 <p class="is-style-lead">The third week of FTX <a rel="noopener noreferrer nofollow" title="founder" href="https://thebittimes.com/tag/founder.html">founder</a> Sam Bankman-Fried’s historic <a rel="noopener noreferrer nofollow" title="trial" href="https://thebittimes.com/tag/trial.html">trial</a> begins as a former FTX customer and former Chief Engineer Nishad Singh takes the stand.&nbsp;</p>
 <p>Last week, Sam Bankman-Fried’s ex-girlfriend and former Alameda CEO, Caroline Ellison, testified to the prosecutor, revealing how Bankman-Fried allowed her to retain an unlimited line of credit from the exchange. Ellison also revealed that the FTX <a rel="noopener noreferrer nofollow" title="founder" href="https://thebittimes.com/tag/founder.html">founder</a> made several political donations in the U.S., bribed Chinese Officials and tried to attain investment from the Saudi Crown Prince.&nbsp;</p>
 <p>As the case resumes today, here are the top highlights:&nbsp;</p>
 <h2 class="wp-block-heading" id="testimony-of-tareq-morad-customer-of-ftx">Testimony of Tareq Morad, customer of FTX</h2>
 <ul>
  <li>Morad decided to trade on FTX after seeing Sam Bankman-Fried’s coverage on Forbes.<br></li>
  <li>He initially deposited $500,000 on the exchange and had between $250,000-$280,00 on the platform when it went bankrupt.<br></li>
  <li>His fund was not processed as FTX stopped all withdrawals.&nbsp;</li>
 </ul>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Bloomberg unveils Sam Bankman-Fried, FTX documentary
 </div>
 <h2 class="wp-block-heading" id="testimony-of-former-chief-engineer-nishad-singh">Testimony of former chief engineer Nishad Singh</h2>
 <ul>
  <li>Nishad Singh admits to committing fraud and financial violations.&nbsp;</li>
  <li>Singh was intimidated by Bankman-Fried, and he did not trust him. They both lived as housemates in the Albany penthouse in the Bahamas.<br></li>
  <li>Singh says he was a billionaire by taking loans from FTX for personal purchases and donations.<br></li>
  <li>One of Bankman-Fried’s computer screens was for managing operations at Alameda; he used to spend Alameda’s money and threatened to fire Ellison at one point.<br></li>
  <li>&nbsp;Singh said that Bankman-Fried spent money excessively and was very flashy.<br></li>
  <li>They went to Kazakhstan to visit Genesis Digital Assets Mining and spent millions on the trip.&nbsp;</li>
 </ul>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">AUSA: What is this Genesis Digital Assets, mining?<br>Singh: We visited Kazakhstan, he spent a million dollars on it.<br>Judge Kaplan: When I was your age, mining was digging in the ground for gold and coal. What is this?<br>Singh: Proof of work crypto has rewards</p>— Inner City Press (@innercitypress) October 16, 2023
   </blockquote>
  </div>
 </figure>
 <ul>
  <li>Bankman-Fried set up and decided on the $500 million investment in Anthropic from Alameda.<br></li>
  <li>The FTX founder met popular celebrities and politicians at a post-Super Bowl party in Michael Kives’ house. This included Hilary Clinton, Leonardo DiCaprio, Orlando Bloom, Kate Hudson, the husband of Kamala Harris and more.<br></li>
  <li>Perry, Bloom, and Kives later visited Bankman-Fried in his Albany Penthouse in the Bahamas.<br></li>
  <li>The FTX founder sent Singh and Gary Wang a term sheet to provide millions in bonuses to Kives &amp; Bryan Baum and also to make a billion-dollar investment in their VC firm K5.<br></li>
  <li>Singh asked Bankman-Fried to make these investments with his own money rather than FTX’s funds.<br></li>
  <li>The deal of FTX Arena, Tom Brady, Kevin O’Leary, Larry David and Steph Curry accumulated to $1.3 billion.<br></li>
  <li>Singh said the purchase of the Albany penthouse was too flashy and advised SBF against it.<br></li>
  <li>Singh designed the ‘Allow Negative’ bug on FTX’s backend that allowed Alameda to withdraw $8 billion in credit.<br></li>
  <li>Singh proposed shutting down Alameda on FTX and closing some liquid markets.<br></li>
  <li>At one point, Alameda was borrowing $13 billion from FTX, but FTX itself didn’t have that much funds.<br></li>
  <li>Bankman-Fried and Ryan Salame made political donations in Singh’s name.&nbsp;Donations to the Democratic party were made under Singh’s name, and the funds came from FTX’s customer funds.</li>
 </ul>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Sam Bankman Fried’s trial hindered by lack of Adderall
 </div>
 <p></p>
 <ul>
  <li>When the crypto market collapsed, and FTX was unable to process withdrawals, Singh says he became suicidal.<br></li>
  <li>The former FTX chief engineer emphasized that he knew about the fraudulent arrangement between FTX and Alameda ‘very late in the game’.&nbsp;</li>
 </ul> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-founder-sam-bankman-fried-s-trial-day-9-recap-tbt66620.html">https://thebittimes.com/ftx-founder-sam-bankman-fried-s-trial-day-9-recap-tbt66620.html</a></p>

FTX founder Sam Bankman-Fried’s trial day 9: Recap

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