The post <a rel="nofollow" href="https://coinpedia.org/news/sam-bankman-fried-trial-takes-a-twist-what-ftx-executive-nishad-singh-revealed-in-court/">FTX’s Nishad Singh Reveals Bankman-Fried’s Careless Spending, Accounting Fraud</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Sam Bankman-Fried’s legal team encountered a mixed bag of outcomes when questioning their third and final key witness, former FTX executive <a href="https://coinpedia.org/news/memory-lapse-hits-former-ftx-executive-nishad-singh-in-sam-bankman-fried-trial-political-ties-revealed/">Nishad Singh</a>. This took place during the ongoing fraud and conspiracy trial, where Singh had earlier expressed unease about FTX’s extravagant purchase of a $30 million penthouse in the Bahamas, initially meant for the company’s use. 
What was discovered? Here are the details. 
<h2 class="wp-block-heading" id="h-nishad-singh-on-the-stand">Nishad Singh On the Stand </h2> 
Nishad Singh’s testimony introduced fresh perspectives into the ongoing legal battle. He repeatedly criticized Sam Bankman-Fried’s actions, mainly focusing on concerns about extravagant spending. 
He’s not so innocent himself! 
Nonetheless, Singh admitted to benefiting from company perks, such as obtaining a $3.7 million home in the scenic San Juan Islands through a company loan. This occurred during a period of financial trouble for FTX. 
Singh revealed that he began to feel guilty when he participated in altering records related to staking fees for FTX’s crypto token, Serum. Staking involves locking up tokens to verify blockchain transactions and earn rewards, often in the form of additional cryptocurrency. These changes inflated FTX’s reported income to over $1 billion, with Singh asserting that Bankman-Fried had instructed him to do so. 
Also Read: <a href="https://coinpedia.org/news/u-s-prosecutors-probe-former-ftx-engineer-nishad-singh-a-huge-blow-to-sbf/">U.S Prosecutors Probe Former FTX Engineer Nishad Singh; a Huge Blow To SBF?</a> 
Nishad Singh is the third member of Sam Bankman-Fried’s inner circle to testify, and he had earlier admitted to felonies linked to the troubles at FTX and its partner, <a href="https://coinpedia.org/news/alameda-researchs-shocking-confession-confidential-audio-reveals-misuse-of-ftx-user-deposits/">Alameda Research</a>. As part of his deal with the government, Singh agreed to surrender a house on Orcas Island. 
<h2 class="wp-block-heading" id="strong-strong-cross-examination-reveals-new-perspectives">&nbsp;Cross-Examination Reveals New Perspectives </h2> 
During the cross-examination, Mark Cohen, Bankman-Fried’s attorney, aimed to challenge Singh’s portrayal of <a href="https://coinpedia.org/news/inside-sam-bankman-frieds-meeting-with-bill-clinton-fbi-agent-reveals-details/">Bankman-Fried</a> – and managed to do so, to some extent. 
Under Cohen’s questioning, Singh acknowledged that sponsorship deals could be beneficial for FTX’s growth. The company also enlisted marketing experts to advise Bankman-Fried. Singh further disclosed that not all of the company’s venture investments were unwise, pointing to FTX’s $500 million investment in <a href="https://coinpedia.org/news/sam-bankman-fried-trial-update-doj-brushes-off-anthropic-fundraising-angle/">Anthropic</a>, an AI company whose valuation had subsequently skyrocketed. 
Read More: <a href="https://coinpedia.org/news/sam-bankman-fried-trial-ftx-bug-inflates-alamedas-debt-by-8b-ftxs-risk-measures-contradict-sbfs-margin-claims/">FTX Margin System Controversy: Was CEO Bankman-Fried Defrauding Investors?</a> 
The Verdict 
Despite initial struggles, Cohen managed to cast doubt on Singh’s image as a business partner burdened by guilt. The consequences of Nishad Singh’s inconsistent testimony on the overall trial’s outcome and whether they will favor Sam Bankman-Fried and FTX remain uncertain.

FTX’s Nishad Singh Reveals Bankman-Fried’s Careless Spending, Accounting Fraud

Table of Contents

CoinPedia News

Other articles published on Oct 19, 2023

Litentry (LIT) Price Prediction 2024, 2025, 2030, 2040, and 2050

TRON Founder Justin Sun Adds His Top-Tier Collection to Giacometti’s Le Nez Exhibition in Paris

Penambangan Bitcoin (BTC) Picu Pertumbuhan Energi Terbarukan

Stake Casino in the US 2023: Evaluating its Legal Status

The 10-year breakeven inflation rate has reached the second-highest level in 2023

eToro launches crypto Smart Portfolio for exposure to BTC, ETH, DeFi, and Metaverse

Join our free newsletter for daily crypto updates!