Nishad Singh, an alleged co-conspirator, testified in court today at length about investments, celebrity endorsements, campaign finance violations, and all the times Sam Bankman-Fried didn’t listen.
In September 2022, when he found out that Alameda had been using FTX customer funds, Nishad Singh said he asked to speak with the founder of Alameda and the CEO of FTX. They were both, of course, Sam Bankman-Fried. Singh and Bankman-Fried met on the balcony of the penthouse they shared in the Bahamas, which was spacious enough to include a pool, around 8PM or 9PM local time. As Bankman-Fried sprawled in a white chaise lounge, Singh paced anxiously.
He did that by changing the rules around the staking of a token, Serum, such that FTX got 25 percent of the rewards. This information was provided to auditors, he testified. Singh also testified to “allow_negative,” the damning bit of code Gary Wang had talked about during his own testimony. Singh’s initial understanding was that it was, in part, to let Alameda transfer the FTT token Wang and Bankman-Fried had invented.
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