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☆ 11 of the biggest bombshells from Sam Bankman-Fried's FTX fraud trial
  + stars: | 2023-10-25 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com   time to read: +11 min
The stress of the scheme left a key executive 'suicidal for days'Nishad Singh testified against his former boss in court. Jane Rosenberg/ReutersNishad Singh, the head engineer at FTX, testified against Bankman-Fried and spoke to the intense pressure of the scheme. As customers began to withdraw their deposits, FTX didn't have enough liquid cash to actually give them their funds. Instead of working together to solve the issue, executives blamed each other, Singh testified. "In response, Sam said something like, 'We were bulletproof last year, but we're not bulletproof this year,'" Yedidia testified.
Persons: Sam Bankman, —, Fried, Caroline Ellison, Gary Wang, Nashad Singh, SBF, Ellison, he'd, Nishad Singh, Jane Rosenberg, Reuters Nishad Singh, Singh, I'd, Wang, FTX's, Bankman, Sam, Adam Yedidia, Yedidia, FTX didn't, FTX, Michael M, Ellison Yedidia, Caroline, Getty, Alameda's, — Ellison, Christian Drappi, Drappi, Alameda — Ellison Organizations: Service, Prosecutors, Alameda Research, Street, Reuters, Bankman, NEW, Manhattan Federal Court, Getty, FTX, MIT, Alameda Locations: Manhattan, Brooklyn, FTX, Bankman, Alameda, United States, Bahamas, New York City, China, Alameda's Hong Kong
☆ Some Alameda Research staff realised FTX had gone down when they tried to order takeout on a company card and it was declined, ex-employee says
  + stars: | 2023-09-25 | by ( Sawdah Bhaimiya | ) www.businessinsider.com   time to read: +3 min
Alameda Research staff tried to order takeout whilst waiting for news about FTX on November 9, 2022. "We ordered our lunch in the afternoon, same as usual," Baradwaj told The Post about what happened on the day. AdvertisementAdvertisementAccording to Baradwaj's account, Ellison apologized to staff, told them of plans to wind the company down, and told them "this really sucks." FTX, Alameda Research, and 130 other affiliated companies filed for Chapter 11 bankruptcy two days later on November 11. The companies' collapse revealed that its cofounder and CEO Sam Bankman-Fried had secretly funneled FTX's customer funds to prop up Alameda Research.
Persons: Aditya Baradwaj, takeout, Baradwaj, Caroline Ellison, Ellison, Sam Bankman, Fried, Caroline, I'm Organizations: Alameda Research, FTX, Service, New York Post Locations: Alameda, FTX, Wall, Silicon, Hong Kong
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