Nishad Singh, a former top engineer at FTX, testified in a court case against the exchange’s former CEO, Sam Bankman-Fried, revealing that Bankman-Fried had planned a potential deal with Telegram for TON Tokens. Singh admitted to participating in fraud and money laundering and named Bankman-Fried and others as co-conspirators.
According to Singh, the scheme began in September 2022 when Bankman-Fried was in the Middle East seeking funds. He proposed a deal with Telegram to obtain a large quantity of TON tokens, costing FTX $120 million. The proposal was discussed in a Signal group called “hashtag meetings.” Bankman-Fried later presented the plan to the larger FTX group, explaining that the exchange would develop a payment-processing service for Telegram in exchange for $100 million worth of TON tokens.
Despite concerns from Singh and others about the risks involved in acquiring illiquid tokens, Bankman-Fried decided to move forward with the plan. He assured the team that they should not feel responsible for it and said, “Unless you have any serious new objections, we’re going ahead.”
In October 2022, the Ton Foundation announced a collaboration with Telegram to create the TON Space wallet, but FTX was not mentioned in the reports. Recently, Telegram launched its self-custodial wallet on the TON Blockchain.
Singh also discussed other questionable financial decisions made by FTX under Bankman-Fried’s leadership. These included a $1 billion Investment in Genesis Digital Assets, a Kazakhstan-based mining company, and a $500 million investment in Anthropic, an AI company focused on AI safety. FTX also invested $200 million in K5 and had dinner with prominent figures like Jeff Bezos, Hillary Clinton, and Kamala Harris’s husband. Singh claimed that Bankman-Fried was impressed by the connection to these celebrities and believed it would benefit FTX.
Additionally, Singh mentioned FTX’s acquisition of properties, including a penthouse, and political donations.
Overall, Singh’s testimony shed light on Bankman-Fried’s involvement in a potential deal with Telegram for TON tokens, as well as other questionable financial decisions made by FTX. The court case against Bankman-Fried continues..
#SBFs #Plan #Acquire #100M #Worth #Telegrams #TON #Tokens #Revealed
According to Singh, the scheme began in September 2022 when Bankman-Fried was in the Middle East seeking funds. He proposed a deal with Telegram to obtain a large quantity of TON tokens, costing FTX $120 million. The proposal was discussed in a Signal group called “hashtag meetings.” Bankman-Fried later presented the plan to the larger FTX group, explaining that the exchange would develop a payment-processing service for Telegram in exchange for $100 million worth of TON tokens.
Despite concerns from Singh and others about the risks involved in acquiring illiquid tokens, Bankman-Fried decided to move forward with the plan. He assured the team that they should not feel responsible for it and said, “Unless you have any serious new objections, we’re going ahead.”
In October 2022, the Ton Foundation announced a collaboration with Telegram to create the TON Space wallet, but FTX was not mentioned in the reports. Recently, Telegram launched its self-custodial wallet on the TON Blockchain.
Singh also discussed other questionable financial decisions made by FTX under Bankman-Fried’s leadership. These included a $1 billion Investment in Genesis Digital Assets, a Kazakhstan-based mining company, and a $500 million investment in Anthropic, an AI company focused on AI safety. FTX also invested $200 million in K5 and had dinner with prominent figures like Jeff Bezos, Hillary Clinton, and Kamala Harris’s husband. Singh claimed that Bankman-Fried was impressed by the connection to these celebrities and believed it would benefit FTX.
Additionally, Singh mentioned FTX’s acquisition of properties, including a penthouse, and political donations.
Overall, Singh’s testimony shed light on Bankman-Fried’s involvement in a potential deal with Telegram for TON tokens, as well as other questionable financial decisions made by FTX. The court case against Bankman-Fried continues..
#SBFs #Plan #Acquire #100M #Worth #Telegrams #TON #Tokens #Revealed
