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Former cryptocurrency exchange boss Sam Bankman-Fried hugged his parents after being denied bail on charges relating to “one of the biggest financial frauds in American history”.

The 30-year-old founder of FTX, has been charged by the US Securities and Exchange Commission (SEC) with fraud and violating campaign finance laws. He is also being sued.

Following his arrest in the Bahamas, a judge denied him bail, saying he was a “great” flight risk, and sent him to a local correctional facility instead.

Bankman-Fried will remain in custody in the Bahamas until at least 8 February.

The latest developments cap a stunning fall from grace in recent weeks for the man known as SBF, who amassed a fortune valued over $20bn (£16.2bn) as he rode a cryptocurrency boom to build FTX into one of the world’s largest exchanges before it abruptly collapsed this year.

Bankman-Fried has previously apologised to customers and acknowledged oversight failings at FTX, but said he does not personally think he has any criminal liability.

Earlier on Tuesday, US Attorney Damian Williams in New York alleged Bankman-Fried had made illegal campaign contributions to Democrats and Republicans with “stolen customer money,” labelling it part of one of the “biggest financial frauds in American history”.

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Bankman-Fried faces a maximum sentence of 115 years in prison if convicted on all eight counts, prosecutors said.

He was arrested at his home in a gated community in the Bahamas capital, Nassau.

In the indictment unsealed on Tuesday morning, US prosecutors claimed Bankman-Fried had engaged in a scheme to defraud FTX’s customers by misappropriating their deposits to pay for expenses and debts and to make investments on behalf of his crypto hedge fund, Alameda Research LLC.

He also defrauded lenders to Alameda by providing false and misleading information about the hedge fund’s condition, and sought to disguise the money he had earned from committing wire fraud, it is alleged.

Sam Bankman-Fried is escorted out of court in Nassau, Bahamas

Both the SEC and the Commodity Futures Trading Commission (CFTC) alleged Mr Bankman-Fried committed fraud in lawsuits filed on Tuesday.

The CFTC sued him, Alameda and FTX, alleging fraud involving digital commodity assets.

Since at least May 2019, FTX raised more than $1.8bn from equity investors in a years-long “brazen, multi-year scheme” in which Bankman-Fried concealed FTX was diverting customer funds to Alameda Research, the SEC alleged.

Bankman-Fried, who founded FTX in 2019, was an unconventional figure who sported wild hair, t-shirts and shorts on panel appearances with statesmen like former American President Bill Clinton.

He became one of the largest Democratic donors, contributing $5.2m (£4.2m) to President Joe Biden’s 2020 campaign.

FTX founder Sam Bankman-Fried poses for a picture, in an unspecified location, in this undated handout picture, obtained by Reuters on July 5, 2022. FTX/Handout via REUTERS/File Photo

Forbes pegged his net worth a year ago at $26.5bn (£21.4bn).

FTX filed for bankruptcy on 11 November, leaving an estimated one million customers and other investors facing losses in the billions of dollars. SBF resigned as chief executive the same day.

The collapse reverberated across the crypto world and sent bitcoin and other digital assets plummeting.

John Ray, Bankman-Fried’s successor as CEO, was called to testify before the House Financial Services Committee in the US Congress on Tuesday.

A crypto exchange is a platform on which investors can trade digital tokens such as bitcoin.

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Several killed after vehicle drives into crowd at street festival, police in Vancouver say

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Several killed after vehicle drives into crowd at street festival, police in Vancouver say

A number of people have been killed and multiple others injured after a driver drove into a crowd at a street festival in Vancouver, police have said.

The driver has been taken into custody after the incident shortly after 8pm local time on Saturday, police added.

People were in the area near 41st Avenue and Fraser Street for the Lapu Lapu Day Block Party, named after a national hero of the Philippines.

Vancouver’s mayor Ken Sim said in a post on X: “I am shocked and deeply saddened by the horrific incident at today’s Lapu Lapu Day event.”

He added: “Our thoughts are with all those affected and with Vancouver’s Filipino community during this incredibly difficult time.”

Video posted on social media showed victims and debris strewn across a long stretch of road, with at least seven people lying immobile on the ground.

A black SUV with a crumpled front section could be seen in photos from the scene.

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Trump criticises Putin after potentially ‘historic’ meeting with Zelenskyy before Pope’s funeral

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Trump criticises Putin after potentially 'historic' meeting with Zelenskyy before Pope's funeral

Donald Trump has criticised Vladimir Putin and suggested a shift in his stance towards the Russian president after a meeting with Volodymyr Zelenskyy before the Pope’s funeral.

The Ukrainian president said the one-on-one talks could prove to be “historic” after pictures showed him sitting opposite Mr Trump, around two feet apart, in the large marble hall inside St Peter’s Basilica.

The US president said he doubted his Russian counterpart’s willingness to end the war after leaving Rome after the funeral of Pope Francis at the Vatican.

Follow live updates: 200,000 mourn at Vatican

In a post on his Truth Social platform, he said “there was no reason” for the Russian president “to be shooting missiles into civilian areas, cities and towns, over the last few days”.

The two leaders held talks before attending the Pope's funeral
Image:
The two leaders held talks before attending the Pope’s funeral

He added: “It makes me think that maybe he doesn’t want to stop the war, he’s just tapping me along, and has to be dealt with differently, through ‘Banking’ or ‘Secondary Sanctions?’ Too many people are dying!!!”

The meeting between the US and Ukrainian leaders was their first face-to-face encounter since a very public row in the Oval Office in February.

Mr Zelenskyy said he had a good meeting with Mr Trump in which they talked about the defence of the Ukrainian people, a full and unconditional ceasefire, and a durable and lasting peace that would prevent the war restarting.

Other images released by the Ukrainian president’s office show Sir Keir Starmer and French President Emmanuel Macron were present for part of the talks, which were described as “positive” by the French presidency.

Mr Zelenskyy‘s spokesman said the meeting lasted for around 15 minutes and he and Mr Trump had agreed to hold further discussions later on Saturday.

The world leaders share a moment before the service
Image:
The world leaders shared a moment before the service

Trump and Zelenskyy meet in the Basilica
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Donald Trump and Volodymyr Zelenskyy meet in the Basilica

But the US president left Rome for Washington on Air Force One soon after the funeral without any other talks having taken place.

The Ukrainian president’s office said there was no second meeting in Rome because of the tight schedule of both leaders, although he had separate discussions with Mr Starmer and Mr Macron.

The French president said in a post on X “Ukraine is ready for an unconditional ceasefire” and that a so-called coalition of the willing, led by the UK and France, would continue working to achieve a lasting peace.

There was applause from some of the other world leaders in attendance at the Vatican when Mr Zelenskyy walked out of St Peter’s Basilica after stopping in front of the pontiff’s coffin to pay his respects.

U.S President Donald Trump attends the funeral Mass of Pope Francis, at the Vatican, April 26, 2025. REUTERS/Kai Pfaffenbach
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Donald Trump and the Ukrainian president met for the first time since their Oval Office row. Pic: Reuters

Sir Tony Brenton, the former British ambassador to Russia, said the event presents diplomatic opportunities, including the “biggest possible meeting” between Mr Trump and the Ukrainian leader.

He told Sky News it could mark “an important step” in starting the peace process between Russia and Ukraine.

Professor Father Francesco Giordano told Sky News the meeting is being called “Pope Francis’s miracle” by members of the clergy, adding: “There’s so many things that happened today – it was just overwhelming.”

The bilateral meeting comes after Mr Trump’s peace negotiator Steve Witkoff held talks with Mr Putin at the Kremlin.

They discussed “the possibility of resuming direct negotiations between Russia and Ukraine”, Kremlin aide Yuri Ushakov said.

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Russia and Ukraine have not held direct talks since the early weeks of the war, which began in February 2022.

Mr Trump has claimed a deal to end the war is “very close” and has urged Mr Zelenskyy to “get it done” in a post on his Truth Social platform.

He has previously warned both sides his administration would walk away from its efforts to achieve a peace if the two sides do not agree a deal soon.

Meanwhile, the Polish armed forces said a Russian military helicopter violated its airspace over the Baltic Sea on Friday evening.

“The nature of the incident indicates that Russia is testing the readiness of our air defence systems,” they said in a post on X.

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What we learn from remarkable photos of Trump-Zelenskyy meeting

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What we learn from remarkable photos of Trump-Zelenskyy meeting

On an extraordinary day, remarkable pictures on the margins that capture what may be a turning point for the world.

In a corner of St Peter’s Basilica before the funeral of Pope Francis, the leaders of America and Ukraine sit facing each other in two solitary chairs.

They look like confessor and sinner except we cannot tell which one is which.

Leaning forward hands together in their laps, Donald Trump and Volodymyr Zelenskyy stare at each other in one photo.

In another, the Ukrainian president seems to be remonstrating with the US president. This is their first encounter since their infamous bust-up in the Oval Office.

The two leaders held talks before attending the Pope's funeral
Image:
The two leaders held talks before attending the Pope’s funeral

Other pictures show the moment their French and British counterparts introduced the two men. There is a palpable sense of nervousness in the way the leaders engage.

We do not know what the two presidents said in their brief meeting.

But in the mind of the Ukrainian leader will be the knowledge President Trump has this week said America will reward Russia for its unprovoked brutal invasion of his country, under any peace deal.

Mr Trump has presented Ukraine and Russia with a proposal and ultimatum so one-sided it could have been written in the Kremlin.

Kyiv must surrender the land Russia has taken by force, Crimea forever, the rest at least for now. And it must submit to an act of extortion, a proposed deal that would hand over half its mineral wealth effectively to America.

The world leaders share a moment before the service
Image:
The world leaders shared a moment before the service

Afterwards, Zelenskyy said it had been a good meeting that could turn out to be historic “if we reach results together”.

They had talked, he said, about the defence of Ukraine, a full and unconditional ceasefire and a durable and lasting peace that will prevent a war restarting.

The Trump peace proposal includes only unspecified security guarantees for Ukraine from countries that do not include the US. It rules out any membership of Ukraine.

Ukraine’s allies are watching closely to see if Mr Trump will apply any pressure on Vladimir Putin, let alone punish him for recent bloody attacks on Ukraine.

Or will he simply walk away if the proposal fails, blaming Ukrainian intransigence, however outrageously, before moving onto a rapprochement with Moscow.

If he does, America’s role as guarantor of international security will be seen effectively as over.

This could be the week we see the world order as we have known it since the end of the Second World War buried, as well as a pope.

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