Former FTX lobbyist Eliora Katz appeared to mostly be on the stand to allow prosecutors to bring attention to Bankman-Fried’s tweets and House testimony, and how they differed from the secret reality that led to the crypto exchange’s demise. Source
Lawyers representing former FTX CEO Sam “SBF” Sam Bankman-Fried conducted their cross-examination of Nishad Singh, pressing the former engineering director on events leading to Alameda Research using funds from the crypto exchange. According to reports from the courtroom on Oct. 17, Singh admitted “there was a lot” he didn’t remember from June to July 2022 under questioning from SBF defense attorney Mark Cohen. The former FTX director reportedly said he had no knowledge of a software bug that exaggerated Alameda’s liabilities until overhearing a discussion between former FTX chief technology…
The team overseeing the bankruptcy process has put forward a new plan to distribute the remaining assets to affected creditors. The proposal aims to give creditors back up to 90% of their holdings at the time of FTX’s collapse. Cryptocurrency exchange FTX has introduced an amended proposal to return a substantial portion of funds to creditors impacted by the company’s bankruptcy last November. The Troubled FTX Exchange FTX, once one of the largest crypto exchanges, filed for bankruptcy protection after a liquidity crisis prompted mass customer withdrawals. This left FTX…
Binance has long been the world’s largest cryptocurrency exchange by trading volume. Still, on Monday, traders looking to buy and sell bitcoin (BTC) quickly on Binance were at a relative disadvantage to their peers on Kraken and Coinbase (COIN), according to data tracked by Paris-based Kaiko. The 0.1% ask depth on Binance, a measure of buy-side liquidity, crashed to just 1.2 BTC ($30,000) from 100 BTC as volatility exploded after an erroneous report that BlackRock’s (BLK) spot exchange-traded fund (ETF) had been approved circulated on social media. The leading cryptocurrency…
Nishad Singh told a jury on Monday that his September meeting with Bankman-Fired was the first time he realized that Alameda, FTX’s sister trading firm, had spent billions of dollars of FTX user deposits, and had left a gaping hole in both companies’ balance sheets. Source
Former FTX’s head of engineering Nishad Singh spills the beans over reckless expenditure of customers’ funds by Sam Bankman-Fried. He also admits to being part of these crimes. During his trial at the Manhattan Federal court on Monday, October 16, FTX chief of engineering Nishad Singh disclosed the reckless spending by SBF and his associates. Singh said that FTX under the disgraced founder Sam Bankman-Fried spent huge sums of money on real estate, campaign donations, celebrity endorsements, and venture investments. Nishad Singh’s testimony comes just days after SBF’s ex-girlfriend Caroline…
An amended proposal released early Tuesday will be filed by the FTX Debtors by mid-December if approved. Source
Customers of bankrupt crypto exchange FTX and FTX US could see over 90% of assets returned to them by the end of the second quarter of 2024 after a proposed settlement was reached between FTX creditors and debtors. On Oct. 17, FTX debtors said they reached a “major milestone” in their Chapter 11 case after “extensive discussions” with the unsecured creditors’ committee, a committee of non-US customers, and class action plaintiffs regarding customer property disputes. FTX Debtors filed a notice of the proposed settlement to a Delaware-based United States Bankruptcy…
The third week of FTX founder Sam Bankman-Fried’s historic trial begins as a former FTX customer and former Chief Engineer Nishad Singh takes the stand. Last week, Sam Bankman-Fried’s ex-girlfriend and former Alameda CEO, Caroline Ellison, testified to the prosecutor, revealing how Bankman-Fried allowed her to retain an unlimited line of credit from the exchange. Ellison also revealed that the FTX founder made several political donations in the U.S., bribed Chinese Officials and tried to attain investment from the Saudi Crown Prince. As the case resumes today, here are the…
Nishad Singh, the former engineering director at now-defunct crypto exchange FTX, has reportedly said he “hopes for no jail time” as part of an agreement with prosecutors. According to reports from the criminal trial of Sam “SBF” Bankman-Fried on Oct. 16, Singh revealed details about his deal with the United States Justice Department, which had him plead guilty to fraud charges announced in February. The former FTX engineer director reportedly said he faced up to 75 years in prison for charges related to defrauding users of the crypto exchange. In…