JUST

Prime

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 <p>A former senior <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> executive, Nishad Singh, who has already pleaded guilty in the <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> trial, testified that SBF used stolen funds as political donations. It is the third week of Bankman-Fried’s criminal trial.</p>
 <p>Singh says he knew around $8 billion of <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> customers’ money had gone missing, which is in line with previous testimony by other members of Bankman-Fried’s inner circle. “I had a lot of admiration and respect for him, but over time that eroded,” Singh said of Bankman-Fried, his friend from high school.</p>
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    <p lang="en" dir="ltr">JUST IN: FTX co-founder admits Sam Bankman-Fried used millions of stolen customer funds to donate to US politicians.</p>
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 <p>According to Singh, that money was apparently funneled to Bankman-Fried’s affiliated trading firm, Alameda Research. He called the financial hole left “enormous.”</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> Bribed Chinese Govt. $100 Million, Claims Caroline Ellison</strong></p>
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 <p>Singh worked at Alameda before FTX was founded. He adds that he was aware from “FTX’s inception” that Alameda accounts had been used to store FTX customer funds. This move was initially designed to circumvent the trouble FTX had with opening its own accounts.</p>
 <p>In addition, Singh says he programmed the systems in 2019 that routed <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> user deposits into Alameda bank accounts. Singh also added wire instructions to <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a>’s website which, if followed, landed funds in Alameda-controlled accounts.</p>
 <p>“I don’t recall it ever being stated that user funds were being taken,” said Singh. “I recall affirmative statements from Sam and others that Alameda didn’t have any special privileges.”</p>
 <p><strong>Also Read: Bankman-Fried: Alameda Research Borrowed $13B From <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a></strong></p>
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 <figure class="wp-block-image size-full"><img decoding="async" width="992" height="558" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="Former senior FTX executive Nishad Singh testified in the FTX trial that SBF used stolen funds as political donations to US Politicians." class="wp-image-66079 ewww_webp" sizes="(max-width: 992px) 100vw, 992px" data-src-img="https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp.webp 992w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp.webp 300w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp.webp 768w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp.webp 380w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp.webp 550w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp.webp 800w" data-srcset-img="https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp 992w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp 300w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp 768w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp 380w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp 550w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp 800w" data-eio="j">
  <noscript><img decoding="async" width="992" height="558" src="https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp" alt="Former senior FTX executive Nishad Singh testified in the FTX trial that SBF used stolen funds as political donations to US Politicians." class="wp-image-66079" srcset="https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp 992w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp 300w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp 768w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp 380w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp 550w, https://cdn.thebittimes.com/images/2023/10/17/b514ee378a195534285f06c382dd921d.webp 800w" sizes="(max-width: 992px) 100vw, 992px">
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 <h2 class="wp-block-heading" id="h-sbf-s-donations-to-political-allies">SBF’s Donations To Political Allies</h2>
 <p>FTX had a sophisticated operation for donating funds to political candidates, Singh says in his testimony. Ryan Salame, an executive at FTX, originated wire transfers from Singh’s Prime Trust account that Singh then had to approve, Singh says. Singh also says in the FTX trial testimony that he signed blank checks that he gave to Gabe Bankman-Fried, SBF’s brother, as political donations to politicians</p>
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  <li>FTX</li>
  <li>Sam Bankman-Fried</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-trial-sbf-used-stolen-funds-as-political-donations-tbt66622.html">https://thebittimes.com/ftx-trial-sbf-used-stolen-funds-as-political-donations-tbt66622.html</a></p>

FTX Trial: SBF Used Stolen Funds As Political Donations

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