CoinDesk Podcast Network

SBF TRIAL PODCAST 10/17: Why FTX Executive Nishad Singh Felt ‘Suicidal’ in Crypto Exchange’s Final Days

Oct 17, 2023

Former FTX executive, Nishad Singh, testifies about the extent of Alameda's use of FTX user deposits, emphasizing Singh's feeling of betrayal. Singh's testimony provides strong evidence against Sam Bankman-Fried. The podcast explores Singh's mental health struggles and reveals political fund funneling in the crypto exchange trial.

08:09

Episode guests

Nishad Singh

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Former FTX executive, Nishad Singh, felt betrayed and suicidal after discovering the extent of Alameda's use of FTX user deposits.

Singh's testimony provided strong evidence of Sam Bankman-Fried's role as the decision-maker behind FTX's alleged crimes and involvement in money funneling operations.

Deep dives

Singh's realization of FTX's financial problems

Nishad Singh, former head of engineering at FTX, testified in court that during a meeting with Sam Bankman-Freeze, he learned that Alameda, FTX's sister trading firm, had spent billions of dollars of FTX user deposits, creating a significant deficit in both companies' balance sheets. Singh felt betrayed by this revelation, as he had dedicated years of work to building FTX. His testimony provided strong evidence that Bankman-Freeze was the key decision-maker at FTX and the main culprit behind the alleged crimes.

Introduction

2min

FTX Executive's Account of the Company's Final Days and Mental Health Struggles

2min

Testimony Reveals Political Fund Funneling and Blank Check Distribution in Crypto Exchange Trial

3min

Nishad Singh, the former head of engineering at FTX, testified that a September 2022 meeting with Sam Bankman-Fried, the founder of FTX, revealed the extent of Alameda's use of FTX user deposits, leaving a substantial hole in the balance sheets of both companies and prompting Singh's feeling of betrayal. Singh's testimony provided strong evidence to prosecutors that Bankman-Fried played a pivotal role in FTX's alleged crimes, emphasizing Singh's role as both a co-conspirator and a victim in the unfolding saga.

Link to story: Former Top FTX Executive Testifies He Knew $8B of Customer Money Was Missing

Credits: Marc Hochstein, Nikhilesh De, Sam Kessler and Wondercraft AI Voice

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