Sam Bankman-Fried pleads not guilty to latest round of federal fraud, bribery charges

Published

2 years ago

March 30, 2023

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Sam Bankman-Fried pleaded not guilty in New York federal court Thursday to five additional charges related to the collapse of his former crypto exchange FTX and hedge fund Alameda Research.

Bankman-Fried’s attorney, Mark Cohen, said he plans to file a motion that his client not be tried on all the counts. Bankman-Fried’s team will argue that someone extradited under the U.S.-Bahamas treaty can only be tried on the charges they were extradited for. “As Mr. Cohen stated in court, we will be challenging the new charges when motions are filed,” a spokesperson for Sam Bankman-Fried said.

The U.S. Attorney’s Office for the Southern District of New York unveiled its third round of criminal charges against the disgraced former CEO of FTX in a superseding indictment that was unsealed Tuesday. This time, the focus was on Bankman-Fried allegedly bribing a foreign government.

Prosecutors allege that Bankman-Fried — who arrived at the courthouse about an hour before the hearing, looking disheveled after an intense media scrum — directed the payment of at least $40 million in cryptocurrency to one or more Chinese government officials in an attempt to unfreeze trading accounts tied to his crypto hedge fund, Alameda Research.

Bankman-Fried and his associates considered and tried “numerous methods” to unfreeze the accounts, which contained around $1 billion worth of cryptocurrency, prosecutors allege. Ultimately, after both legal and personal efforts failed, Bankman-Fried agreed to and directed a multimillion-dollar bribe to have the frozen accounts unlocked, prosecutors alleged.

Bankman-Fried’s hedge fund then allegedly used the unfrozen assets to continue to fund Alameda’s loss-generating trades, continuing on what the government says was a fraud upon customers and investors for another year.

The onetime crypto billionaire, who did not speak during the entirety of the hearing, also pleaded not guilty to charges related to bank fraud, money laundering, operating an unlicensed money transmitting business and making unlawful political contributions in the U.S. The 13-count indictment gives details of hundreds of political donations that Bankman-Fried allegedly directed in violation of federal campaign finance laws. Bankman-Fried already pleaded not guilty to eight other counts.

FTX and Alameda imploded in November after concerns about their balance sheet turned into a veritable bank run. In addition to this federal indictment, Bankman-Fried also faces civil charges from both the Securities and Exchange Commission and the Commodity Futures Trading Commission. Meanwhile, FTX remains mired in Delaware bankruptcy court proceedings.

Federal prosecutors declined to comment.

Bankman-Fried’s trial is set to begin in October.

— CNBC’s Dawn Giel contributed to this report.

Environment

World’s first-ever global emissions tax is on the table at crunch shipping talks

Published

2 hours ago

April 9, 2025

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World's first-ever global emissions tax is on the table at crunch shipping talks

Aerial view of containers for export sitting stacked at Qingdao Qianwan Container Terminal on April 5, 2025 in Qingdao, Shandong Province of China.

Vcg | Visual China Group | Getty Images

The United Nations shipping agency is on the cusp of introducing binding regulations to phase out fossil fuel use in global shipping — with the world’s first-ever global emissions levy on the table.

The International Maritime Organization (IMO) will this week hold talks at its London headquarters to hammer out measures to reduce the climate impact of international shipping, which accounts for around 3% of global carbon emissions.

Some of the measures on the table include a global marine fuel standard and an economic element, such as a long-debated carbon levy or a carbon credit scheme.

If implemented, a robust pricing mechanism in the shipping sector would likely be considered one of the climate deals of the decade.

An ambitious carbon tax is far from a foregone conclusion, however, with observers citing concerns over sweeping U.S. tariffs, a brewing global trade war and reluctance from members firmly opposed to any kind of levy structure.

Sara Edmonson, head of global advocacy at Australian mining giant Fortescue, described the talks as “absolutely historic,” particularly given the potential for a landmark carbon levy.

“I think it would be an absolute game-changer. No other industry on a global level has made a commitment of this size and I would argue most countries haven’t made a commitment of this size,” Edmondson told CNBC via telephone.

She added, however, that “the jury is still very much out” when it comes to a global carbon price.

It’s not really a question of whether they get agreement, it’s just how ambitious it is, how effective it is and how many unhappy people there are.

John Maggs

President of the Clean Shipping Coalition

“There are also a lot of discussions around levy-like structures because obviously the word levy in very polarized countries like the U.S., like Australia and even in China, can be very challenging. But I think there are really good discussions around levy-like structures that would ultimately have an equivalent effect,” Edmondson said.

The IMO’s Marine Environment Protection Committee (MEPC) is scheduled to conclude talks on Friday.

‘A great opportunity’

Some of the biggest proponents of a global greenhouse gas emissions charge on the shipping industry include Pacific Island states, such as Fiji, the Marshall Islands and Vanuatu, and Caribbean Island states, including Barbados, Jamaica and Grenada.

Those opposed to a carbon levy, such as Brazil, China and Saudi Arabia, have raised concerns over economic competitiveness and increased inequalities.

“For countries like Vanuatu … we see the UNFCCC isn’t moving fast enough — and this is the great opportunity,” Vanuatu Minister Ralph Regenvanu said Monday.

Secretary-General of the International Maritime Organization (IMO) Arsenio Dominguez delivers a speech at the IMO Headquarters, in London, on January 14, 2025.

Benjamin Cremel | Afp | Getty Images

The UNFCCC refers to the United Nations Framework Convention on Climate Change, a multilateral treaty that has provided the basis for international climate negotiations.

If adopted, it would be “the first industry-wide measure adopted by a multilateral UN organisation with much more teeth than we could get in the UNFCCC process,” Regenvanu said.

Delegates at the IMO agreed in 2023 to target net-zero sector emissions “by or around” 2050 and set a provision to finalize a basket of mid-term carbon reduction measures in 2025.

Calls for a ‘decisive’ economic measure

“We’re going to get something,” John Maggs, president of the Clean Shipping Coalition, a group of NGOs with observer status at the IMO, told CNBC via telephone.

“The timetable is quite clear and they are working really, really hard to stick to it. So, I think it’s not really a question of whether they get agreement, it’s just how ambitious it is, how effective it is and how many unhappy people there are,” Maggs said.

Clean Shipping Coalition’s Maggs warned that a sizable gap still exists between progressive and more conservative forces at the IMO.

“My feeling from the progressive side is that people are optimistic and confident because the case they are making is a sound one and they’ve got the technical expertise to back them up,” Maggs said.

“But, at the end of the day, China and Brazil and others aren’t just going to go, ‘OK you can have your way.’ There is going to be payment exacted in some way or other,” he added.

PORTSMOUTH, UNITED KINGDOM – OCTOBER 28: The container ship Vung Tau Express sails loaded with shipping containers close to the English coast on October 28, 2024 in Portsmouth, England.

Matt Cardy | Getty Images News | Getty Images

The international shipping sector, which is responsible for the carriage of around 90% of global trade, is regarded as one of the hardest industries to decarbonize given the vast amounts of fossil fuels the ships burn each year.

Angie Farrag-Thibault, vice president of global transport at the Environmental Defense Fund, an environmental group, said a successful outcome at the IMO would be an ambitious global fuel standard and a “decisive” economic measure to ensure shipping pollution is significantly reduced.

“These measures, which should include a fair disbursement mechanism that uses existing climate finance structures, will encourage ship owners to cut fossil fuel use and adopt zero and near-zero fuels and technologies, while supporting climate-vulnerable regions at the speed and scale that is needed,” Farragh-Thibault said.

Environment

The US wind industry’s 5-year outlook is now a total roller-coaster

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8 hours ago

April 9, 2025

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The US wind industry's 5-year outlook is now a total roller-coaster

US wind 5-year outlook — Photo by Amol Mande on Pexels.com

The US wind industry installed just 5.2 gigawatts (GW) in 2024 – the lowest level in a decade, according to Wood Mackenzie’s new US Wind Energy Monitor report. Installations are expected to rebound in 2025, but the real concern lies in US wind’s sharply downgraded 5-year outlook. As for the reason behind that bleak forecast, we’ll give you one guess as to why, and it starts with a T.

Wood Mac reports that 3.9 GW of onshore wind came online last year, along with 1.3 GW of onshore repowers and 101 megawatts (MW) of offshore wind.

Onshore wind

The US is expected to achieve more than 160 GW of installed onshore capacity by 2025, and onshore growth is projected to bounce back from 2024 and surpass 6.3 GW this year.

“The cliff in 2023 and 2024 created by the Production Tax Credit (PTC) push in 2022 will come to an end,” said Stephen Maldonado, research analyst at Wood Mackenzie. “Despite the uncertainty created by the new administration, the massive number of orders placed in 2023 culminating in projects now under construction support the short-term forecast.”

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The pipeline for onshore has 10.8 GW currently under construction through 2027, with another 3.9 GW announced.

GE Vernova led onshore wind installations in 2024 with 56% of the market and will continue to lead in connections for the next five years. It was followed by Vestas (40%) and Siemens Gamesa (4%).

Offshore wind

Offshore wind is projected to increase in 2025 as well, with 900 MW of installed capacity, up from a disappointing 101 MW in 2024. However, several projects have been shelved in the wake of Trump’s anti-wind executive orders, which downgraded the five-year outlook by 1.8 GW.

Electrek’s Take on US wind’s 5-year outlook

According to Wood Mac, 33 GW of new onshore wind capacity will be installed through 2029, along with 6.6 GW of new offshore capacity and 5.5 GW of repowers. However, due to Trump’s anti-wind policy and economic uncertainty, this five-year outlook is 40% less than a previous total of 75.8 GW. Growth will happen, but it’s going to be slower.

The main reason is Trump’s flourish of his Sharpie on executive orders that include “temporary” withdrawal of offshore wind leasing areas and putting a stop to onshore wind on federal lands. Plus, firing all those federal employees will likely make permitting wind farms a slower process. (Trump just wrote more executive orders today allowing coal projects on federal lands; he won’t have federal employees to issue permits for those, either.) He’s worked to throw up obstacles for wind projects in favor of fossil fuels. He won’t stop the wind industry, but he’s managed to get some projects canceled, and he’ll make things more of a slog over the next few years.

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Environment

BYD’s low-cost Seagull EV now starts at under $8,000 in China

Published

10 hours ago

April 8, 2025

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BYD's low-cost Seagull EV now starts at under ,000 in China

BYD’s cheapest EV in China just got even more affordable. After cutting prices this month, the BYD Seagull EV starts at just 56,800 yuan, or under $8,000.

BYD cuts Seagull EV price to under $8,000 in April

Despite an intensifying EV price war in China, BYD is cutting prices once again. The Chinese EV giant announced a new promotion this month across several Ocean Series models, including the Seagull.

The 2025 BYD Seagull EV is available starting at just 56,800 yuan ($7,800). The offer is for the non-Smart Driving Vitality Edition model, which usually starts at 69,800 yuan ($9,500).

After launching the new Seagull last year, BYD said the low-cost electric car officially opened “a new era of electricity being lower than oil.” Earlier this year, it upgraded most of its vehicles, including the Seagull, with its new “God’s Eye” smart driving system at no extra charge.

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BYD’s Seagull is offered in three trims in China: Vitality, Freedom, and Flying. It has two battery options, 30.1 kWh or 38.9 kWh, which is good for the 305 km (190 mi) and 405 km (252 mi) CLTC range, respectively.

At just 3,780 mm long, 1,715 mm wide, and 1,540 mm tall, the Seagull is even smaller than the former Chevy Bolt EV (4,145 mm long, 1,765 mm wide, and 1,611 mm tall). It’s about the size of a Fiat 500e.

The price cut comes as BYD’s sales continue surging. With another 377,420 new energy vehicles (EVs and PHEVs) sold last month, the Chinese automaker has now sold over one million NEVs in 2025.

BYD’s EVs accounted for 416,388 while PHEV sales reached 569,710, an increase of 39% and 76% from last year, respectively.

BYD Seagull EV trim	Starting Price	Range (CLTC)
Vitality	Normal: $9,500 (69,800 yuan) Now: $8,000 (56,800 yuan)	190 mi (305 km)
Freedom	$10,300 (75,800 yuan)	190 mi (305 km)
Flying	$11,700 (85,800 yuan)	252 mi (405 km)

BYD Seagull EV prices and range by trim in China

Perhaps even more importantly, BYD sold over 206,000 vehicles overseas in 2025, more than doubling from last year. The Seagull EV is also sold in other global markets like Mexico and Brazil as the Dolphin Mini.

Later this year, it will launch in Europe as the Dolphin Surf, with expected prices starting under £20,000 ($26,000). Although it may not be the cheapest EV, BYD’s executive vice president, Stella Li, recently told Autocar it will be “the best value” when it arrives.

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