The Vise Tightens on SBF as Former FTX Engineering Head Nishad Singh Pleads Guilty
The Breakdown
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FTX - Singh and Wong's Coded Privileges on Alameda
Alameda had special privileges including the ability to access infinite borrowing capacity with no risk of liquidation. Work was ultimately abandoned as exposing Alameda to the same terms as other users would mean charging the fund interest. The multi-billion dollar balance sheet hole was hidden in the account of a fictitious individual to ensure that it was not attributed to Alameda.
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