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

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4.7 • 698 Ratings

🗓️ 17 October 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Sign up for The SBF Trial Newsletter Credits: Marc Hochstein, Nikhilesh De, Sam Kessler and Wondercraft AI Voice See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:43.9	Wondery, UK. That's audible.com slash Wondery, UK.
0:53.5	Welcome to the SBF trial, a CoinDesk Podcast Network newsletter bringing you daily insights from inside the courtroom where Sam Bankman-Fried will try to stay out of prison.
1:06.3	Follow the CoinDesk podcast network to get the audio each morning with content from the KynDestk
1:10.9	regulation team and voiced by Wondercraft AI. I was blindsided and horrified. That's how
1:19.4	Nishad Singh recalled feeling after a fateful September 2022 meeting with FtX founder Sam Bankman
1:25.2	Freed, where his boss laid bare the full scope of the exchange's
1:29.1	financial problems. Singh was the head of engineering at FTCS before it imploded in November
1:34.6	2022 and lost billions of dollars worth of its users' funds. Singh told a jury on Monday that his
1:41.4	September meeting with Bankman-Fried was the first time he realized
1:44.5	that Alameda, FTC's sister trading firm, had spent billions of dollars of FTCS user deposits
1:50.8	and had left a gaping hole in both companies' balance sheets. I felt betrayed, said Singh.
1:56.9	Singh is a key witness in the government's case against Sam Bankman-Fried, and like other star witnesses, he's pleaded guilty to a slate of fraud and conspiracy charges that he says he committed hand-in-hand with the FTX founder.
2:11.5	Singh told the jury he was driven by purpose in building FTX, but he realized after his meeting with Bankman-Fried that five years of blood,
	...

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