FTX's Excessive Spending on Celebrity Endorsements Contributed to Its Collapse, Executive Testifies

Sam Bankman-Fried spent over $1 billion on celebrity endorsements like Tom Brady and stadium naming rights to promote FTX.

FTX executive Nishad Singh testified Bankman-Fried wanted these endorsements to increase FTX's influence and propel its success.

Singh helped enable a system allowing Alameda to withdraw customer funds from FTX to cover its own deficits.

Singh became disillusioned with Bankman-Fried over his excessive spending and investments using customer funds.

As FTX collapsed, Bankman-Fried and others tried to reassure customers, while Singh became suicidal.