Day 9 of Sam Bankman-Fried Trial: Former FTX Technical Director Nishad Singh Testified

Nishad Singh

On the 9th day of the trial of Sam Bankman-Fried, a key witness, Mr. Nishad Singh, the former Chief Technical Officer of FTX, provided shocking testimony, painting a detailed picture of the fraudulent activities that he and his accomplices are alleged to have engaged in.

Nishad Singh, who was closely associated with Sam Bankman-Fried, Gary Wang, and Caroline Ellison, admitted before the court that during his tenure at FTX, he was involved in various fraudulent activities, including deceiving customers and investors, money laundering, and violating political contribution regulations. Notably, Mr. Nishad Singh had previously confessed his guilt to the U.S. authorities and agreed to cooperate with the relevant investigative agencies.

According to Mr. Singh, his relationship with Sam Bankman-Fried began when he was introduced by Bankman-Fried’s younger brother. He subsequently worked for Alameda Research before joining FTX. He stated that both FTX and Alameda Research were under the control of Sam Bankman-Fried and Gary Wang, with Bankman-Fried having the ultimate decision-making authority on most major decisions, including investment deals.

An important aspect of Mr. Singh’s testimony pertains to the large investments made by FTX and Alameda Research. He revealed that Sam Bankman-Fried decided to invest one billion dollars in Genesis Digital Assets, a cryptocurrency mining company based in Kazakhstan. FTX also invested 500 million dollars in the AI company, Anthropic. Mr. Singh did not participate in these deals and claimed that these decisions were made by Sam Bankman-Fried through Alameda Research.

Another aspect of FTX’s operations covered in Mr. Singh’s testimony was their advertising and sponsorship agreements. FTX spent hundreds of millions of dollars on advertisements and sponsorships involving various individuals and organizations, including K5 Global and several famous personalities like Hillary Clinton, Katy Perry, and Jeff Bezos. The total value of disclosed advertising and sponsorship agreements, as revealed by Nishad Singh, amounted to 1.3 billion dollars.

Nishad Singh also addressed FTX’s real estate transactions in the Bahamas, which included the purchase of a $30 million mansion for Sam Bankman-Fried and his associates, as well as a $9 million house for Sam’s parents. Mr. Singh opposed the extravagant spending, but Sam Bankman-Fried suggested spending even more to address the situation.

Furthermore, Mr. Singh disclosed other issues, including accounting errors, asset transfers to inflate revenue, and political contributions made under his name. He also revealed that Sam Bankman-Fried sought investors in the Middle East and proposed that FTX should build a payment processing service for the messaging app Telegram.

With these revelations from Mr. Nishad Singh, the trial continues to shed light on the fraudulent activities and deceit associated with FTX and Sam Bankman-Fried. The details presented in the courtroom have garnered widespread attention and may have implications for the future of the cryptocurrency industry and exchanges.

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