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Nishad Singh, former head of engineering at FTX, testified that SBF tried to cheat the U.S. Commodity Futures Trading Commission (CFTC) by asking his deputy to transfer his personally owned Serum (SRM) token to Alameda's balance sheet. Singh told the court he didn't close the deal because trying to trick federal regulators "didn't feel right."
In addition, Caroline Ellison, former CEO of Alameda, once told Singh that it was "impossible" to stop the quantitative trading firm's operations, alluding to Alameda's inability to close its accounts and pay off the debts of its sister company clients. Then he realized that "users had been betrayed," Singh said.