Ex-FTX exec was ‘horrified’ last year when he learned of $13 billion shortfall

Published October 16, 2023 3:29 PM

By LARRY NEUMEISTER and KEN SWEET
Associated Press

NEW YORK (AP) — A former FTX executive and onetime billionaire has testified against the cryptocurrency exchange’s founder, Sam Bankman-Fried, at his New York City federal fraud trial. Nishad Singh said Monday that his admiration for him faded as he watched excessive spending on investments, property and celebrities precede a $13 billion shortfall that left him feeling “blindsided and horrified.” The former head of engineering at FTX was among Bankman-Fried’s trusted inner circle before the cryptocurrency empire collapsed last November. Bankman-Fried, who has pleaded not guilty, was extradited to the U.S. to face charges. Singh has pleaded guilty to fraud charges in a bid for leniency.

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