As per the last hearing in SBF’s criminal trial, the defunct crypto exchange’s CEO’s spending habits gained limelight with Nishad Singh considering the CEO’s spending habits as unnecessary.The criminal trial against Sam Bankman-Fried continues in all its glory. 17 October started with the cross-examination of FTX’s former Chief Engineer — Nishad Singh.
Furthermore, Singh also agreed that he initially believed that Alameda Research’s right to backstop some trades was to protect customer funds. According to Financial Times, heWhile the criminal case against SBF continues to take the spotlight, the bankruptcy proceedings are making headway, subsequently. According to anmade on 16 October, the amended ‘Alameda Plan’ could see customers getting “90% of distributable value worldwide”. This was if it gets approved by the bankruptcy court.
They would also be eligible for a “shortfall claim” from the general pool. This would “correspond to the estimated value of assets missing at their exchange,” with the shortfall for FTX being $8.9 billion and FTX.US being $166 million.
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