Connect with us

Published

on

Sam Bankman-Fried’s legal team is asking a U.S. district court judge to grant the former FTX CEO “uninterrupted access” to his daily prescribed medication while he is in jail. That includes Adderall for treatment of attention-deficit/hyperactivity disorder, or ADHD.

“For over five years Mr. Bankman-Fried has been prescribed Emsam 9mg/24 hrs transdermal patch for the treatment of depression,” Bankman-Fried’s attorney, Mark Cohen, wrote in a letter to Judge Lewis Kaplan on Monday. “And for the past three years, Mr. Bankman-Fried has been prescribed Adderall 10mg tablets, 3-4x/day for the treatment of ADHD.”

Kaplan approved the motion later in the day.

On Friday, Kaplan sided with a request by federal prosecutors to revoke Bankman-Fried’s bail over alleged witness tampering. Bankman-Fried was remanded to custody directly from a court hearing in New York and sent to Brooklyn’s Metropolitan Detention Center, or MDC, according to Bureau of Prisons records.

Unless an appeal filed by the defendant’s legal team is successful, Bankman-Fried is expected to remain in custody until his criminal trial, which is due to begin Oct. 2. He faces charges for allegedly conspiring to defraud investors and customers out of billions of dollars in a scheme that led to the collapse of FTX and sent shockwaves throughout the crypto industry. He pleaded not guilty.

The latest request from Bankman-Fried’s lawyers includes a letter from his psychiatrist, George Lerner, who has been treating the former FTX CEO since February 2019.

“Mr. Bankman-Fried has a history of Major Depressive Disorder and Attention Deficit Hyperactivity Disorder,” Lerner wrote.

ADHD is among the most common neurodevelopmental disorders in children. Bankman-Fried told a Bahamas judge in December that he took medication to treat depression and ADHD.

Lerner added in his letter that Bankman-Fried had tried other antidepressants but said they were ineffective for his symptoms.

“Additionally, there have been times when Mr. Bankman-Fried did not have access to the Emsam patch (typically when travelling/abroad) and exhibited symptoms of depression, including lethargy, anhedonia, low motivation, and increased ruminations,” Lerner wrote.

Without his medication, Lerner warned the judge, “Bankman-Fried will experience a return of his depression and ADHD symptoms and will be severely negatively impacted in his ability to assist in his own defense.”

Cohen said Bankman-Fried was only able to bring a “small supply” of his daily medication when he was remanded to custody on Friday — a supply apparently only sufficient to last him a few days.

“We respectfully ask that the Court promptly enter an order directing MDC to ensure that our client has continuous access to the specific medications and dosages that are described in Dr. Lerner’s letter,” wrote Cohen.

For nearly a year, there’s been a nationwide shortage of Adderall, the popular stimulant used to treat ADHD. The U.S. Food and Drug Administration has called on drug manufacturers to up production.

Bankman-Fried was sent to jail over his decision to leak private diary entries by his ex-girlfriend, Caroline Ellison, to The New York Times. In many of her personal writings, Ellison expressed self-doubt and feelings of stress in her role as the former head of Bankman-Fried’s failed crypto hedge fund, Alameda Research.

“I have been feeling pretty unhappy and overwhelmed with my job,” she wrote in an entry dated February 2022. “At the end of the day I can’t wait to go home and turn off my phone and have a drink and get away from it all.”

Ellison, who pleaded guilty to federal charges in December 2022, has been cooperating with the government and is expected to be a star witness for the prosecution.

During his 33-minute ruling Friday, Kaplan said probable cause for witness tampering had been met by the prosecution, adding that Bankman-Fried’s contribution to the Ellison story was designed to “hurt” and “discredit” a witness.

The prosecution described the effort by Bankman-Fried as a “means of indirect witness intimidation through the press.” 

The government has requested that Bankman-Fried be remanded to a jail in Putnam, New York, where he would have access to a laptop with internet access for defense preparation, rather than staying at MDC, which is the facility closest to the courthouse but has limited web access for prisoners.

CNBC’s Dan Mangan contributed to this report.

WATCH: Sam Bankman-Fried’s bail revoked

Continue Reading

Technology

Instagram now has 3 billion monthly active users

Published

on

By

Instagram now has 3 billion monthly active users

Instagram has installed a new privacy setting which will default all new and existing underage accounts to an automatic private mode.

Brandon Bell | Getty Images

Instagram now has 3 billion monthly active users, Meta CEO Mark Zuckerberg said on his Instagram account on Wednesday.

“What an incredible community we’ve built here,” Zuckerberg posted on his Instagram channel.

The figure is a major milestone for the photo-sharing app, which the social media company acquired in 2012 for $1 billion.

Meta last disclosed Instagram’s user figures in October 2022 when Zuckerberg said during an earnings call that the app had crossed 2 billion monthly users.

Meta said in April 2024 that it would no longer disclose the monthly and daily active user numbers for Facebook and its sibling apps on a quarterly basis. Since then, Meta has been reporting each quarter the number of daily active people using its family apps. That figure reached 3.48 billion, the company said in July, topping analysts’ estimates of 3.45 billion.

With 3 billion monthly users, Instagram joins the ranks of the Facebook and WhatsApp platforms.

Zuckerberg in January said that the Facebook app “is used by more than 3 billion monthly actives.” In April, Zuckerberg told analysts that WhatsApp had “more than 3 billion monthly actives.”

WATCH: Meta unveils new AI glasses lineup.

Meta unveils new AI glasses lineup

Continue Reading

Technology

Chinese giant Xiaomi challenges Samsung with new smartphones and appliances

Published

on

By

Chinese giant Xiaomi challenges Samsung with new smartphones and appliances

Xiaomi launched the Xiaomi 15T series of smartphones as it continues its global expansion.

Xiaomi

MUNICH — Xiaomi on Wednesday made the international debut of a slew of new devices and appliances with its smartphones at the center, as the Chinese tech giant sets out to directly challenge Samsung.

The Beijing-headquartered company took the wraps off of the Xiaomi 15T series comprising of two smartphones — the Xiaomi 15T and Xiaomi 15T Pro — during a launch event in Munich.

The devices, priced at 649 euros ($766) and 799 euros, respectively, continue Xiaomi’s strategy of bringing phones with the latest specs to the market at a competitive price.

Xiaomi talked up the triple-camera system, large 6.83-inch display and big battery power, as it looks to position the devices as a potential contender to Samsung’s mid-range A series and top-end S Series of smartphones.

For comparison, Samsung’s S25 starts at 799 euros, while its top-end device, the S25 Ultra, starts at 1,249 euros in Germany.

“The 15T is basically an affordable flagship with high-end features but priced half a notch down from the top tier premium devices,” Bryan Ma, vice president of devices research at International Data Corporation, told CNBC by email.

Over the past few years, Xiaomi has expanded its geographical footprint and offerings to include everything from washing machines to electric cars.

In Europe, Xiaomi has cemented itself as the third largest smartphone player by market share, behind Samsung and Apple, through a mix of high-end and mid-tier devices that have offered a stiff challenge to the two giants.

Xiaomi launched its more expensive Xiaomi 15 phones internationally earlier this year. In China, it is gearing up for the unveiling of its 17 series of devices, which will be its flagship.

“Xiaomi 15T is another important step for Xiaomi in its premiumization strategy, particularly trying to capture the slightly more budget-sensitive, spec-focused buyers that still opt for a high-end device, Runar Bjorhovde, analyst at Canalys said.

“One of Xiaomi’s major strategic focuses in taking on the high-end.”

But the company has bigger ambitions. On Wednesday, Xiaomi announced the global launch of it Mijia brand of home appliances, which include a refrigerator, washing machine and air conditioner.

It’s a move right out of Samsung’s playbook. The South Korean technology giant sells products across the world spanning from appliances to smartphones and TVs.

“Xiaomi naturally puts the pressure on any competitor in the sectors that it enters given its operating model of aggressively priced yet good quality products,” Ma said.

Continue Reading

Technology

Trump’s H-1B visa changes could ‘kneecap startups,’ drive talent elsewhere, experts say

Published

on

By

Trump's H-1B visa changes could 'kneecap startups,' drive talent elsewhere, experts say

President Donald Trump takes a question from a reporter before signing executive orders in the Oval Office at the White House on September 19, 2025 in Washington, DC.

Andrew Harnik | Getty Images

It’s been a chaotic few days for the tech sector, and industry executives and experts are still assessing how U.S. President Donald Trump’s latest immigration crackdown could shape the future of their workforces. 

The Trump administration sparked widespread panic Friday after announcing employers will pay a new $100,000 fee for H-1B visas, which are temporary work visas granted to highly skilled foreign professionals. These visas have underpinned the U.S. tech workforce for decades.

Some tech executives, including Netflix co-founder Reed Hastings and OpenAI CEO Sam Altman, have lauded the changes to the H-1B program, but experts told CNBC that the Trump administration’s changes could prevent some tech companies — namely startups — from securing top foreign talent. These experts said the changes also run the risk of driving top talent toward other countries.

“The short of it is, it would be a disaster for America, for American companies, American competitiveness, American innovation,” said Exequiel Hernandez, an associate professor at the Wharton School of the University of Pennsylvania.

Tech’s reliance on the H-1B program

The current annual cap for H-1B visas is at 65,000, along with 20,000 additional visas for foreign professionals with advanced degrees.

In fiscal 2025, Amazon, Microsoft, Meta, Apple and Google are among the top 10 companies that employ the most H-1B holders. Prominent tech executives like Microsoft CEO Satya Nadella, Google CEO Sundar Pichai and Tesla CEO Elon Musk were H-1B recipients earlier in their careers.

As tech companies scrambled to respond before Trump’s proclamation went into effect at 12:01 a.m. ET on Sunday, the White House quelled some concerns on Saturday by clarifying that the fee is not annual and would only apply to new visas, not renewals for current visa holders.

More changes could be on the horizon. 

The Trump administration teased a proposed rule on Tuesday that said H-1B recipients should be selected through a weighted process instead of a random one. The weighted process would take place when the number of requests for visas exceeds the limit of available spots, and it would be based on wage levels, the proposal said.

The proposed rule will officially publish in the Federal Register on Wednesday, and it’s still subject to change after the administration reviews initial public feedback.

Hastings called the Trump administration’s $100,000 fee a “great solution,” in a post on X on Sunday.

“It will mean H1-B is used just for very high value jobs, which will mean no lottery needed, and more certainty for those jobs,” he wrote.

OpenAI’s Altman expressed support for the updates during an interview with CNBC’s Jon Fortt on Monday.

“We need to get the smartest people in the country, and streamlining that process and also sort of outlining financial incentives seems good to me,” Altman said.

‘It kneecaps startups’

A picture shows logos of the Big Tech companies named GAFAM, for Google, Apple, Facebook, Amazon and Microsoft, on June 2, 2023.

Sebastien Bozon | AFP | Getty Images

China and other competitors loom large

U.S. tech companies big and small are fiercely competing with one another – and the rest of the world – as they race to develop the most advanced AI models and applications. Organizations like Meta have shelled out billions of dollars to recruit top AI talent in an effort to try and gain an edge.  

The Trump administration’s changes to the H-1B program could complicate similar recruiting efforts. 

“What this does is that it gives our competitors, other countries, places like Asia, Canada, Europe, they can then attract these employees to create new innovations,” said Steven Hubbard, a data scientist at the American Immigration Council, which is a nonprofit for immigration advocacy and research. 

One big competitor in the war for talent is China. The world’s second-largest economy has long fought against the U.S. for tech dominance, and more recently the AI race.

Earlier this year, Chinese AI firm DeepSeek rattled global markets after claiming to create a large language chatbot that outperformed competitors at a fraction of the cost. The news raised questions over the significant sums that American tech companies are shelling out on AI.

Some experts worry that visa changes could deal a victory into China’s hands, sending top talent overseas. The move may also deter foreign students from attending university in the U.S. as uncertainty hangs over their post-graduation job prospects.

“Those students are going to look at this environment and stay home,” said Greg Morrisett, vice provost at Cornell Tech. “It’s giving a leg up to both China and India in terms of feeding their startup ecosystems.”

For Bradley Tusk, the CEO of Tusk Venture Partners, the changes to the H-1B program are simply “terrible.” American companies have to have access to top talent in order to compete at the highest levels, he said.  

“America’s competitive advantage has always been the ability to attract the best talent from around the world,” Tusk said. “To limit our ability to recruit and compete is illogical.”

WATCH: JPMorgan CEO Jamie Dimon speaks out on H-1B visa changes

JPMorgan CEO Jamie Dimon speaks out on H-1B visa changes

Continue Reading

Trending