The 3rd week of SBF's trial has kicked off, Nishad Singh, former FTX engineering director revealed further explosive allgeatons regarding the exchange's invovlement in illegal political donations. Singh revealed that Alameda sent him stolen customer funds, which would then be spent from his account for political donations.
Singh stated in court that he was acutely aware that these funds originated from FTX's customer accounts throughout this process. He further revealed that the contributions, primarily directed towards center-left recipients, were made in his name to improve the optics of the situation.
Fake Liquidation Engine
In another shocking revelation, Singh exposed that FTX's highly praised liquidation engine was, in fact, entirely fictitious. It was never implemented, leaving no system in place to address shortfalls when customers were liquidated at prices worse than the bankruptcy price.
He stated, "If a customer's account became negative due to liquidation, Sam, Gary, or others would handle it manually as they saw fit."
To learn more, please read: the Trial of SBF
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