SBF Trial – Nishad Singh kicks off week 3 by confessing to stealing customer funds for straw political donations
The post SBF Trial – Nishad Singh kicks off week 3 by confessing to stealing customer funds for straw political donations appeared on BitcoinEthereumNews.com. The third week of SBF’s trial has kicked off with the prosecution bringing former FTX engineering director Nishad Singh, another key member of the exchange’s leadership and SBF’s inner circle. Singh’s testimony comprised further explosive allegations regarding the cryptocurrency exchange’s involvement in illegal political donations, including the fact that his accounts were used without prior permission. Singh told the courtroom that Alameda would send him stolen customer funds, which would then be spent from his account for political donations. He further divulged that the stolen funds were used for investments and other spending. Stolen funds donated to politicians Singh told the courtroom that former FTX executive Ryan Salame — who has already pleaded guilty to his role in the campaign finance scheme, allegedly manipulated Singh’s bank account to funnel money towards various political causes. Salame would then seek Singh’s approval for these transactions through encrypted Signal chats. Speaking before the jury, Singh candidly admitted: “My role was to click a button.” In addition to the electronic transactions, Singh disclosed that he had provided signed blank checks to a team led by SBF’s brother, Gabriel Bankman-Fried, who used them to make political contributions. Singh told the court that throughout this process, he was acutely aware that these funds were originating from FTX’s customer accounts. He also revealed that the contributions — primarily directed towards center-left recipients — were made in his name for the sake of optics. Singh explained: “It was useful for my name to be associated with some donations, even if the end recipient understood they were really coming from something else.” During his testimony, Singh presented himself as a credible and confident witness, occasionally delving into technical jargon that prompted questions from the judge. He recounted his initial acquaintance with SBF in high school, followed by his employment at…
The post SBF Trial – Nishad Singh kicks off week 3 by confessing to stealing customer funds for straw political donations appeared on BitcoinEthereumNews.com.
The third week of SBF’s trial has kicked off with the prosecution bringing former FTX engineering director Nishad Singh, another key member of the exchange’s leadership and SBF’s inner circle. Singh’s testimony comprised further explosive allegations regarding the cryptocurrency exchange’s involvement in illegal political donations, including the fact that his accounts were used without prior permission. Singh told the courtroom that Alameda would send him stolen customer funds, which would then be spent from his account for political donations. He further divulged that the stolen funds were used for investments and other spending. Stolen funds donated to politicians Singh told the courtroom that former FTX executive Ryan Salame — who has already pleaded guilty to his role in the campaign finance scheme, allegedly manipulated Singh’s bank account to funnel money towards various political causes. Salame would then seek Singh’s approval for these transactions through encrypted Signal chats. Speaking before the jury, Singh candidly admitted: “My role was to click a button.” In addition to the electronic transactions, Singh disclosed that he had provided signed blank checks to a team led by SBF’s brother, Gabriel Bankman-Fried, who used them to make political contributions. Singh told the court that throughout this process, he was acutely aware that these funds were originating from FTX’s customer accounts. He also revealed that the contributions — primarily directed towards center-left recipients — were made in his name for the sake of optics. Singh explained: “It was useful for my name to be associated with some donations, even if the end recipient understood they were really coming from something else.” During his testimony, Singh presented himself as a credible and confident witness, occasionally delving into technical jargon that prompted questions from the judge. He recounted his initial acquaintance with SBF in high school, followed by his employment at…
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