FTX founder Sam Bankman-Fried's lawyer on Tuesday said the now-bankrupt cryptocurrency exchange's investments were not 'reckless and frivolous,' pushing back against testimony by former executive Nishad Singh portraying its spending on marketing and celebrity endorsements as excessive.
NEW YORK, Oct 17 - FTX founder Sam Bankman-Fried's lawyer on Tuesday said the now-bankrupt cryptocurrency exchange's investments were not "reckless and frivolous," pushing back against testimony by former executiveSingh, FTX's former engineering chief, testified for a second straight day at Bankman-Fried's fraud trial in Manhattan federal court.
On Tuesday, Singh said K5 also helped Bankman-Fried invest in a tequila brand run by a "famous celebrity," when asked by Cohen whether the firm was anything more than a relationship broker. Bankman-Fried has argued that while he made mistakes running FTX, he never intended to steal funds. His lawyers have saidJurors have already heard from Gary Wang, FTX's former chief technology officer, and Caroline Ellison, Alameda's onetime chief executive officer and Bankman-Fried's former girlfriend.
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FTX’s former head of engineering Nishad Singh is testifying against Sam Bankman-Fried.The FTX fraud trial continues, now with testimony from Singh, who’d owned 7.8 percent of the company and pleaded guilty to fraud charges in February. He’s admitted on the stand to committing fraud and campaign finance violations in a conspiracy with SBF, Alameda Research CEO Caroline Ellison, FTX CTO Gary Wang, and others.
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Sam Bankman-Fried stole billions for shopping sprees and risky investments, former FTX executive saysBarnini Chakraborty is the senior investigations reporter at the Washington Examiner. She has previously worked at Fox News as a senior features and politics reporter. She's also worked at Fox Business as a field producer and at Dow Jones. She began her career at the Augusta Chronicle in Georgia.
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FTX Executive Details Sam Bankman Fried’s “Excessive” Spending On Celebrity DealsCrypto Blog
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Sam Bankman-Fried's lawyer says FTX investments were not 'reckless'Sam Bankman-Fried's lawyer says FTX investments were not 'reckless'
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FTX’s Political Donations Came From Stolen Customer Funds, Testifies Company Insider Nishad SinghFormer FTX engineering director said he committed crimes alongside Sam Bankman-Fried
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FTX top engineer testifies Bankman-Fried spent $1.13 billion on celebrities and sponsorshipsNishad Singh, FTX's former engineering head, testified on Monday about Sam Bankman-Fried's 'excessive' spending
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