Last week, Caroline Ellison brought significant details about Sam Bankman-Fried's former operations, but to start off this week, the court brought another disgraced former FTX engineer, Nishad Singh to bring additional details to the case. Here, he detailed the "one-on-one" meetings he had with the former CEO, SBF, last 2022 to discuss FTX's finances and its state.
It was here that Singh learned more about the state of the company, and how Alameda borrowed a massive sum from FTX customers to pay off its lenders.
FTX's Nishad Singh Testifies: One-on-One Meetings with SBF
(Photo : Stephanie Keith/Getty Images)
CNBC reported that Nishad Singh, FTX's former engineering chief, has joined the courts as part of his plea deal to fully cooperate amidst the investigation, now detailing the happenings before FTX's collapse. Here, it was revealed by Singh that he had two one-on-one meetings with SBF where he asked about the state of the company, amidst the panic of other FTX executives, Gary Wang and Caroline Ellison.
Singh first joined Alameda Researcher in 2017, was a former classmate of SBF, and also helped in building the disgraced crypto-exchange platform, FTX.
The former engineering chief also detailed in the courtroom that he knew about the missing $8 billion from customer funds in FTX, and was subsequently used by SBF to pay off Alameda's loans.
Read Also: Sam Bankman-Fried Trial: FTX Co-Founder Accuses Alameda Research of 'Taking Customers' Money'
Sam Bankman-Fried Tells Singh Not to Worry
During the said meetings, Singh confronted Bankman-Fried of the companies' state, saying that "Caroline [Ellison] is really freaked out about the NAV situation," but the CEO said that it was "super positive" and there was nothing to worry about.
Moreover, Singh also asked about the $13 billion that Alameda could not return to FTX after borrowing it, with SBF saying that it could deliver $5 billion immediately, and more in the coming weeks and months.
FTX's Executives and Sam Bankman-Fried
Back in late 2022, two of FTX's former executives Gary Wang and Caroline Ellison pleaded guilty to the charges they faced in court, and they are among those who admitted their crimes amidst the trial. This was followed by the guilty plea by Nishad Singh, along with other FTX executives, and this was while SBF was running free and before he was extradited from the Bahamas.
Bankman-Fried later pleaded not guilty, and this launched a subpoena from the courts for SBF, his family, and known associates to show up in court to talk about FTX's former missing funds. SBF's elusiveness and maintaining his innocence in front of the court led to today's criminal trial against him, looking to either prove him guilty or innocent in what happened with the crypto-exchange platform.
FTX remains a controversial topic today, and this is because of the executives of the company which had hands in customer assets and holdings, involving various executives apart from Sam Bankman-Fried. Singh regarded that on various occasions, he remained in the dark about FTX's financial status, but these meetings finally revealed their state, now stating this to the court and the world to know.
Related Article: SBF Criminal Trial: Caroline Ellison's Revelations This Week Shocked the World-Here's the Highlights
