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.” Singh, who grew up in the San Francisco area, said he joined Alameda Research in 2017 — the year it was founded — and considered Bankman-Fried to be a “formidable character” who he'd always found intimidating.
He said $205 million was spent to rename the Miami venue where the Miami Heat played its home games after FTX and another $150 million was spent on a Major League Baseball endorsement, along with millions more on advertising featuring star quarterback Tom Brady and comedian Larry David.
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