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.
, 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.”Caroline Ellison, saying Sam Bankman-Fried corrupted her values, found relief when truth came outAt another point, Singh said that the spending was “too large or didn’t make sense” and “it all reeked of excess and flashiness.
“So I had a lot of admiration and respect for him,” he said. “Over time, a lot of that eroded. And I grew distrustful.” Singh said he had little influence over Bankman-Fried. He cited the moment when Bankman-Fried purchased a luxury residence in the Bahamas that was “super ostentatious.”
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