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IPFS News Link • Corruption

SBF Used Customer Funds To Donate To Democrats

• by Tyler Durden

One of Sam Bankman-Fried's colleagues and former FTX Engineering Chief, Nishad Singh, testified on Monday that the FTX head used money from his Alameda Research hedge fund to make political donations even after learning it owed $13 billion to customers of FTX.

Put simply, Bankman-Fried was using customer funds to make political donations to Democrats, according to the testimony. 

Singh said that when he found out about the shortfall, he confront SBF in an hour long conversation in September 2022, according to Yahoo Finance. In that conversation, SBF told him that he was going to raise more cash and cut expenses.