Nishad Singh, a former executive at cryptocurrency exchange FTX, testified on Monday that his friend and former boss, Sam Bankman-Fried, knowingly siphoned billions of dollars in customer funds to go on spending sprees, which included pricey real estate purchases and endorsement deals with celebrities like Super Bowl champion Tom Brady.
Singh, the former head of engineering at FTX, is the latest person in Bankman-Fried’s tight-knit circle of friends to testify against him.
Prosecutors allege that Bankman-Fried told Singh and FTX co-founder Wang to create the computer code that would allow Alameda, the crypto hedge fund Bankman-Fried owned, to borrow vast sums of money from FTX customers.
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