Day Ten Highlights in Sam Bankman-Fried’s Trial

The trial of FTX founder, Sam Bankman-Fried, entered its 10th day on Tuesday, with Nishad Singh, a former Senior Engineer, taking center stage. Singh’s recent revelations have provided significant insights into the financial dealings of the former FTX CEO.

Previously, Singh illuminated Bankman-Fried’s extravagant spending habits. He revealed how Bankman-Fried had often dipped into the platform’s resources for considerable investments.

Here’s what transpired in the courtroom on Tuesday, October 17th:

Nishad Singh’s Interactions with Anthropic

• Singh played a role in reviewing Anthropic prior to FTX’s investment decision.
• While he expressed interest in contributing separately to Anthropic, this action remains uncertain.

Financial Transactions Involving Singh

• Bonuses worth up to $2 million were awarded to Singh from FTX.
• Singh took a $477 million loan, intending to donate to charity. However, no donations were reported.
• Interestingly, the funds from this hefty loan never manifested in cash; they existed purely in records.
• In another transaction, Singh secured a $10 million loan from FTX, intending it for his parents. A part of this was later donated.

Financial Irregularities

• A startling spreadsheet from Caroline Ellison on June 22 highlighted major financial discrepancies. Shared with Bankman-Fried, Singh, and Gary Wang, it indicated a substantial negative sum. In response, Bankman-Fried dismissed it as a system error.
• Shockingly, a glaring $8 billion remains untracked in the company’s financial statements.

Decision to Shut Down Alameda

• Discussions around the possibility of shuttering Alameda occurred without the presence of Bankman-Fried. Singh, Ellison, and Wang deliberated, with Ellison asserting that closure wasn’t feasible.

Public Image of Bankman-Fried

• Visual evidence showcasing Bankman-Fried socializing with notable personalities, like NYC Mayor Eric Adams, was presented to the jury.