{"title": "FTX Co-Founder Sam Bankman-Fried Faces Federal Charges in Manhattan Trial", "body": "According to Foresight News, FTX co-founder Sam Bankman-Fried is facing seven federal charges in a criminal trial taking place in Manhattan. The former crypto exchange executive is accused of misappropriating billions of dollars of customer funds for real estate, donations, political contributions, and investments. The trial is ongoing, with FTX's former head of engineering, Nishad Singh, expected to take the stand again, followed by the prosecution calling another ex-Alameda employee, an FBI agent, and an FTX customer.

On Monday, Singh testified about one of the Samcoins, Serum (SRM), which was allegedly used falsely to boost FTX's revenue in 2021 to around $1 billion. According to Singh, Bankman-Fried instructed him to charge ECO Serum, the foundation connected to the cryptocurrency, $50 million for Serum staking and to backdate the fee transactions in the books. A spreadsheet detailing these transfers was shared with auditors and FTX investors.

Singh also testified about his concerns regarding Bankman-Fried's spending habits, particularly in September 2022 when FTX faced a $13 billion shortfall in its balance sheet. Singh was worried about Bankman-Fried's plans to increase spending on endorsement deals and acquisitions, stating that there was a billion dollars headed out the door, which made him upset.

Additionally, the trial has been dealing with the issue of Adderall for the defendant. The extended-release dose of Adderall sought by the defense will not be ready until Thursday, and Judge Kaplan has been reluctant to grant an adjournment or break from the court."}