Former FTX Exec Nishad Singh Details Confrontation With Sam Bankman-Fried Over Millions In Spending
Portfolio Pulse from Murtuza Merchant
Former FTX executive Nishad Singh testified about the extravagant expenditures he observed while working with FTX founder Sam Bankman-Fried, including a $20 million spending he perceived as wasteful. Singh also mentioned an investment in Genesis Digital Assets, a crypto mining initiative in Kazakhstan, and Anthropic, an AI company. He also discussed a $500-million investment facilitated through Alameda Research. Singh expressed concern over a term sheet proposing millions in bonuses and a billion-dollar investment in a VC firm. He also mentioned a $30 million Bahamas penthouse and an $8-billion accounting error at FTX.
October 16, 2023 | 7:06 pm
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Singh recalled an algorithmic failure in LUNA in May 2022 that led to discussions on acquiring substantial sources of capital. This could potentially impact the trust investors have in LUNA.
The mention of an algorithmic failure in LUNA could potentially shake investor confidence in the asset. This could lead to a decrease in demand and subsequently, a decrease in price.
CONFIDENCE 80
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RELEVANCE 50