NEW YORK: Sam Bankman-Fried directed that money from his Alameda Research hedge fund be used to make political donations after he learned the fund owe...
FILE PHOTO: Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, leaves federal court in New York City, U.S., February 9, 2023. REUTERSPIX: 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 to customers of his FTX cryptocurrency exchange, a former executive testified on Monday.
“There was an enormous hole,” said Singh, FTX’s former engineering chief. “Alameda sending me money to spend ... necessarily deepened that hole.” Prosecutors showed a spreadsheet from March 2023 detailing US$1.1 billion in FTX endorsement deals, which included the naming rights to the Miami Heat’s basketball arena, as well as arrangements with NFL quarterback Tom Brady, model Gisele Bundchen, basketball star Steph Curry and comedian Larry David.
“This is crazy, we need to cut as much of them as we can,” Singh said he told the 31-year-old former billionaire in September 2022. Singh described a Signal group chat in which Sam Bankman-Fried, Gabriel Bankman-Fried, or one of their political advisors would frequently direct that a donation be made in Singh’s name.
Bankman-Fried had grown to be known as a major donor to Democrats after founding FTX in 2019. But Singh said it would provide “advantageous optics” for some funds to look like they were coming from someone else.
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