Prosecutors show a spreadsheet from March 2023 detailing US$1.1 billion in FTX endorsement deals.
Cryptocurrency entrepreneur Sam Bankman-Fried was known as a major donor to Democrats after founding FTX in 2019.
Singh said Bankman-Fried assured him he would raise more funds and cut costs. But in the meantime, Singh said he continued to receive transfers from Alameda and allow Bankman-Fried associates to use the money to donate to US Democratic candidates and causes in what he called a “straw donor” scheme. The testimony from Singh, who pleaded guilty in February to wire fraud and conspiracy to violate campaign finance laws, gave the jury the most vivid insight so far into how Bankman-Fried – who, liked Singh, professed to believe in a movement called effective altruism that encouraged young people to earn high salaries and give to charity – spent the money prosecutors say was stolen.
Singh said another FTX executive had told him the deals were meant to help spur user growth. But Singh said the deals “reeked of excess and flashiness” and that he urged Bankman-Fried to cancel them once he learned about the shortfall in customer funds. Singh gave jurors a window into Bankman-Fried’s political operation. He said he often let Guarding Against Pandemics – a political action group run by Bankman-Fried’s younger brother Gabriel – use his name to donate funds originating from Alameda.
“I was a straw donor for campaign donations,” Singh said. “I knew that the money for those donations was coming from customer funds.”
Italia Ultime Notizie, Italia Notizie
Similar News:Puoi anche leggere notizie simili a questa che abbiamo raccolto da altre fonti di notizie.
Sam Bankman-Fried directed political donations despite US$13b ‘hole’, ex-colleague testifiedNEW YORK, Oct 17 — Sam Bankman-Fried directed that money from his Alameda Research hedge fund be used to make political donations after he learned the fund owed US$13 billion...
Leggi di più »
Sam Bankman-Fried directed political donations despite US$13b ‘hole’, ex-colleague testifiedNEW YORK, Oct 17 — Sam Bankman-Fried directed that money from his Alameda Research hedge fund be used to make political donations after he learned the fund owed US$13 billion...
Leggi di più »
MPs no longer allowed to stream Parliament speeches live, says SpeakerWhat are the factors deterring Malaysians from transitioning to the new network, despite its potential advantages?
Leggi di più »
Over 1,300 rescue workers still traumatised by Seoul Halloween crowd crushWhat are the factors deterring Malaysians from transitioning to the new network, despite its potential advantages?
Leggi di più »
Google Pixel 8 Face Unlock Vulnerability Discovered, Allowing Others to Unlock DevicesGoogle Pixel 8 Face Unlock reportedly deceived; sibling accessed device despite significant facial differences.
Leggi di più »