Engine

The 3rd week of SBF's trial has kicked off, Nishad Singh, former FTX engineering director revealed further explosive allgeatons regarding the exchange's invovlement in illegal political donations. Singh revealed that Alameda sent him stolen customer funds, which would then be spent from his account for political donations.
Singh stated in court that he was acutely aware that these funds originated from FTX's customer accounts throughout this process. He further revealed that the contributions, primarily directed towards center-left recipients, were made in his name to improve the optics of the situation.
Fake Liquidation Engine
In another shocking revelation, Singh exposed that FTX's highly praised liquidation engine was, in fact, entirely fictitious. It was never implemented, leaving no system in place to address shortfalls when customers were liquidated at prices worse than the bankruptcy price.&nbsp;
He stated, "If a customer's account became negative due to liquidation, Sam, Gary, or others would handle it manually as they saw fit."
To learn more, please read: <a target="_blank" href="https://tokeninsight.com/en/news/topic/the-trial-of-sbf" rel="noopener noreferrer nofollow">the Trial of SBF</a>
<img src="https://s2.tokeninsight.com/static/calendar/img20231017051638f97cc064-c0e5-4671-ab2f-4628671cca50.jpg">
Stay updated with the most important <a target="_blank" href="https://tokeninsight.com/en/news" rel="noopener noreferrer nofollow">cryptocurrency news</a> and valuable insights, conveniently delivered to your email every day. <a rel="noopener noreferrer nofollow" target="_blank" href="https://mailchi.mp/tokeninsight/newsletter">Subscribe to the TokenInsight mailing list now!</a>
Prefer social media? Follow us on <a rel="noopener noreferrer nofollow" target="_blank" href="https://twitter.com/tokeninsight">Twitter</a>, or subscribe to our <a rel="noopener noreferrer nofollow" target="_blank" href="https://t.me/TokenInsightchannel">Telegram channel!</a>
If you have news reports or announcements that you want to reach a wider audience, feel free to email us at <a href="mailto:news@tokeninsight.com" rel="noopener noreferrer nofollow">news@tokeninsight.com</a>

SBF Trial: FTX Used Customers Funds for Political Donation and the Exchange has No Liquidation Engine

TokenInsight

Other articles published on Oct 17, 2023

Big XRP Purchase: What’s Going On?

Pennsylvania Dodges Two-Year Crypto Mining Ban Amid Union Pressures and Political Maneuvering

Solana News: FTX Estate Staking $122 Million in Solana

Qatar to Welcome World Summit AI Middle East Edition in 2024

Vitalik Buterin Transfers Significant Amount of USDC to Gemini: What’s Behind the Move?

Coinbase bets on USD delisting 80 pairs with USDT, BTC and EUR

Join our free newsletter for daily crypto updates!