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Former FTX Executive Testifies to Improper Use of Customers' Funds in SBF's Trial

The trial of Sam Bankman-Fried, founder of the now-defunct FTX exchange, took a dramatic turn in its third week as Nishad Singh, a former senior FTX executive, testified about improper use of customers' funds within the company. Singh, who had served as Head of Engineering at FTX, revealed that he became aware of a financial "hole" in the company's finances in September 2022, amounting to approximately $8 billion. Despite his knowledge of the discrepancies, Singh approved transactions that he believed were funded by user deposits. Singh's testimony offered insight into his relationship with Bankman-Fried, whom he initially admired but later lost respect for.

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