Unchained SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender
Oct 17, 2023
The trial turns intense as Nishad Singh paints a vivid picture of Sam Bankman-Fried as a bully and excessive spender. He details the toxic atmosphere at FTX, where corporate mismanagement led to the misuse of customer funds. Singh's testimony raises alarms about the lavish sponsorships and reckless investments that eroded trust within the company. His emotional journey from admiration to disillusionment highlights the ethical dilemmas faced by insiders in the wake of the unfolding scandal.
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Lavish Spending and Celebrity Influence
- SBF invested heavily in AI startup Anthropic and K5, an incubation firm founded by Michael Kives.
- The K5 deal grew after SBF attended a Super Bowl party with A-list celebrities, impressing him with the potential for connections.
Extravagant Sponsorships and Real Estate
- Singh expressed discomfort with FTX's $1.1 billion sponsorship spending and real estate purchases.
- SBF dismissed Singh's concerns about a luxurious penthouse, saying he'd pay $100 million to end the discussion.
Deceptive Practices and Singh's Refusal
- Singh found Alameda short $10 billion in collateral, relying on a $65 billion line of credit.
- SBF instructed Singh to transfer illiquid tokens to deceive regulators, but Singh refused.