Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
Two former senior FTX executives who pleaded guilty to criminal charges and played a role in their boss Sam Bankman-Fried's conviction will be sentenced later this year.
Following their pleas shortly after FTX's massive, industry-shaking collapse in late 2022, they testified against Bankman-Fried at his trial, saying they were made aware of wrongdoing at the exchange shortly before it filed for bankruptcy. Another former FTX executive, Ryan Salame, was recently sentenced to 7.5 years in prison after pleading guilty to campaign finance charges. Salame did not testify against Bankman-Fried.
"I learned that there was a hole that was enormous and that it had been spent and lost by Alameda, and I knew that it was $8 billion in size. So the last $8 billion of spend had necessarily come from customers. That spend included things like real estate investments, VC investments, campaign donations, and speculative events in trading," he said.
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