The prosecution's strategy to show that Sam Bankman-Fried was in charge of Alameda Research using FTX user funds appeared to be part of Nishad Singh's testimony. According to reports, as part of a deal with prosecutors, Nishad Singh, the former engineering director at the now-defunct cryptocurrency exchange FTX, expressed a desire to avoid going to jail.

Singh gave details about his agreement with the US Justice Department, in which he pleaded guilty to fraud charges that were initially brought in February, during Sam "SBF" Bankman-Fried's criminal trial on October 16. Former FTX director of engineering Singh stated that he could receive a 75-year prison sentence for his role in defrauding cryptocurrency exchange users.

Prior to the 2022 crypto market crash, Singh revealed in his testimony that FTX had signed endorsement contracts with celebrities and athletes like Tom Brady, Gisele Bündchen, and Steph Curry worth about $1.3 billion. Singh claims Bankman-Fried wasn't surprised by the revelation that Alameda Research had borrowed $13 billion from FTX, as per former CTO Gary Wang.

Singh reportedly commented, "People are going to be freaking out," regarding the response to the Alameda news. Feeling betrayed after dedicating five years of hard work to FTX, Singh disclosed that SBF had proposed spending $120 million to acquire Telegram and that Alameda had used FTX funds for political contributions. Singh also stated he experienced emotional distress and contemplated suicide due to discrepancies between FTX's public statements and its undisclosed activities during the liquidity issues in November 2022.

Singh testified on the ninth day of the criminal trial for Bankman-Fried, which started on October 3 in New York. On October 16, Singh testified that SBF occasionally spent Alameda's money arbitrarily and extravagantly, including investments in the artificial intelligence startup Anthropic and the company K5 Global. In his first criminal trial, Bankman-Fried will defend himself against seven fraud-related charges. A second trial will begin in March 2024 on five additional counts. To each charge, he has entered a not guilty plea.