Nishad Singh tells federal jury he felt suicidal because of the crimes and collapse of FTX
NEW YORK — A former FTX executive and onetime billionaire testified against the cryptocurrency exchange’s founder, Sam Bankman-Fried, on Monday at his fraud trial, saying 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.”
“I was blindsided and horrified,” he said, adding that it seemed five years of hard work was wasted and that “something that I thought was a beautiful source for good had turned out to be so evil.” Singh, who grew up in the San Francisco area, said he joined Alameda Research in 2017 — the year it was founded — and considered Bankman-Fried to be a “formidable character” who he’d always found intimidating.
He said $205 million was spent to rename the Miami venue where the Miami Heat played its home games after FTX and another $150 million was spent on a Major League Baseball endorsement, along with millions more on advertising featuring star quarterback Tom Brady and comedian Larry David.
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