• 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.

Tagged: CryptoCurrency