Ex-FTX exec was 'horrified' last year when he learned of US$13 billion shortfall

FTX co-founder Sam Bankman-Fried, centre, listens as Caroline Ellison testifies in Manhattan federal court, Oct. 11, 2023, in New York. A former FTX executive and one-time billionaire testified against the cryptocurrency exchange's founder, Sam Bankman-Fried, on Monday at his fraud trial, saying his admiration for him faded as he watched excessive spending on investments, property and celebrities precede a US$13 billion shortfall that left him feeling "blindsided and horrified.

At another point, Singh said that the spending was "too large or didn't make sense" and "it all reeked of excess and flashiness."Bankman-Fried, 31, has been jailed since August, when a judge concluded that he'd tried to influence potential trial witnesses and revoked the US$250 million personal recognizance bond that had permitted him to live with his parents in Palo Alto, Calif., after his December extradition from the Bahamas.

"So I had a lot of admiration and respect for him," he said. "Over time, a lot of that eroded. And I grew distrustful." Singh said he had little influence over Bankman-Fried. He cited the moment when Bankman-Fried purchased a luxury residence in the Bahamas that was "super ostentatious." "I can't have lawyers coming in and giving drugs to people on trial because somebody says they need it. I just can't do it," Kaplan said.Reese's $25,000 promotion may violate sweepstakes lawsBell Media seeks appeal to CRTC's renewal of broadcast licencesAs artificial intelligence continues to evolve, its uses and applications grow even wider.

W5 presents the inside story of how the killer of Canadian woman Sonia Herok-Stone evaded justice for 40-plus years, due to destroyed evidence, a flaky witness and a mistrial.More than a million people have fled their homes in the Gaza Strip ahead of an expected Israeli invasion that seeks to eliminate Hamas' leadership after its deadly incursion.

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