Executives at collapsed crypto exchange FTX blew a staggering amount of customers' money on frivolous items, from multimillion-dollar houses for their parents to political donations. One time, one of them even bought a sports stadium. $8bn disappeared into the hole, testified Nishad Singh, one among them.
Singh, who has already pled guilty to fraud, money laundering and violation of campaign finance laws, said Monday that he learned of the massive hole in Alameda's books as a result of a coding error that "prevented the correct accounting" of user deposits by around $8 billion.
Singh's testimony helps corroborate the statements given by three previous prosecution witnesses, all of whom were in Bankman-Fried's inner circle: FTX CTO Gary Wang, Alameda CEO Caroline Ellison and FTX engineer Adam Yedidia. While Wang and Ellison have pled guilty, each witness has pointed to Bankman-Fried as the orchestrator of fraud and money laundering.
So the talent agent, nonplussed, says "interesting act you got there, what's it called?" and I say "The Effective Altruists!"