Sam Bankman-Fried Trial appears at Federal Court in New York on Oct. 4th, 2023.
Artist: Claudia Johnson
Marc-Antoine Julliard typically trades cocoa beans. But in the spring of 2021, the London-based commodities broker decided to diversify into cryptocurrency trading. His platform of choice was FTX.
Two years later, Julliard stood as the prosecution’s first witness in the criminal fraud trial against FTX founder Sam Bankman-Fried, who’s accused of misusing billions of dollars in client money.
In testimony that lasted around 50 minutes on Wednesday, Julliard recounted his experience with FTX, including the “extremely anxious” feeling he had the day he unsuccessfully attempted to withdraw part of the $100,000 worth of crypto and cashhe had stored on the site. He and thousands of other FTX customers were practically wiped out when the exchange went belly up late last year.
Like many others, Julliard said he he was under the impression that there were “strong financials behind the company.”
Julliard is the poster child for the case the prosecution laid out in its opening statement as it tries to prove to a jury that clients were led to believe the money they stored with FTX was safe. Prospective customers, Julliard said, were drawn in through savvy marketing, with no reason to believe that FTX would be repurposing their crypto funds.
In a trial that’s set to last six weeks, Bankman-Fried, a man once revered as the “white knight” of crypto, faces seven federal charges, including wire fraud, securities fraud and money laundering, that could put him in prison for the rest of his life.
A jury was seated shortly after 11:30 a.m. (though four of the 12 jurors were already looking to be dismissed). Opening statements began about an hour later. Julliard took the stand just before 2 p.m. to a packed courthouse in Manhattan.
As the lead witness, Julliard helped lay out the government’s narrative. Much of his decision to buy into FTX had to do with the celebrities and venture funds attached to the brand. He referenced an ad with supermodel Gisele Bündchen and Formula 1 marketing. He also pointed to prolific media coverage, which bolstered his trust in the company.
Julliard wasn’t an aggressive crypto trader. He said he never participated in margin trading, or borrowing money to make purchases, nor did he engage in a lending program offered by the company that allowed users to earn interest on idle crypto.
Sam Bankman-Fried sits with his defense team during his fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 4, 2023 in this courtroom sketch.
Jane Rosenberg | Reuters
Defense wants customers to shoulder blame
The defense is trying to make clients accountable for what it says were their choices to buy and trade crypto.
“Sam didn’t defraud anyone,” said Mark Cohen, Bankman-Fried’s attorney, in his opening statement. Cohen called it a “hindsight case” brought by the government, and said that just because people lost money, doesn’t mean the 31-year-old Bankman-Fried committed fraud.
Bankman-Fried donned a fresh suit with a purple tie and a clean haircut — a much different look than the beach shorts, sandals and wild curls that helped define his image during crypto’s heyday. The entrepreneur, who Cohen described as a “math nerd that didn’t drink or party,” diligently took notes on his air-gapped laptop as he conversed with both of his attorneys and, during breaks, sometimes stood while emphatically motioning with his hands as he spoke to his counsel.
Throughout both sides’ opening statements, Bankman-Fried kept his eyes trained on the jury box. His head was turned 90 degrees to his right to watch those who will ultimately decide his fate. Bankman-Fried was joined in court by his parents, who are both being sued by FTX’s new management for having allegedly “exploited their access and influence within the FTX enterprise to enrich themselves…by millions of dollars.”
Cohen is projecting Bankman-Fried as a startup founder and equated running FTX and Alameda Research, his sister hedge fund, to “building a plane while flying on it.” He told the jury that there was no risk management in place. Specifically, he said the firm didn’t have a chief risk officer.
Far from the “cartoon of a villain” that the government presented, Cohen gave different explanations for his client’s supposedly illegal actions. One example dealt with the secret backdoor baked into FTX’s code that prosecutors say gave Alameda a way to borrow much needed capital.
Cohen said there was nothing secretive about this backchannel in the code base and said the special access to FTX was there because Alameda was initially set up as a market maker for the crypto exchange, which needed the liquidity, especially in its early days.
Cohen reminded the jury that the three insiders who will take the stand against Bankman-Fried have all signed cooperation agreements with the government.
A $10 billion fraud
The prosecution’s opening statement was delivered by Assistant U.S. Attorney Thane Rehn. Over the course of about a half hour, Rehn drove home the point that everyday investors were the ones who fell victim to FTX’s scheme. By the summer of 2022, he said, more than $10 billion had been stolen from thousands of FTX customers who had trusted custody of their crypto and cash to the platform.
Rehn said the evidence would show jurors how Bankman-Fried lied to FTX users, investors and lenders, and how he spent a good amount of the money he stole for his own good. Rehn referenced campaign contributions, for example, as one way that Bankman-Fried looked to curry favor on Capitol Hill.
Rehn called Alameda a “second, smaller and more secretive company” founded and controlled by Bankman-Fried that was integral to the defendant’s alleged scheme.
The government also teed up its star witness, ex-girlfriend and Alameda’s ex-CEO, Caroline Ellison. She pleaded guilty in December to multiple charges and has been cooperating with the U.S. attorney’s office in Manhattan for months.
Rehn plans to show that Bankman-Fried installed his girlfriend at the top of his hedge fund, though he remained the one calling the shots behind the scenes.
Allan Joseph Bankman, father of FTX Co-Founder Sam Bankman-Fried, and Barbara Fried, mother of FTX Co-Founder Sam Bankman-Fried, arrive at court in New York, US, on Wednesday, Oct. 4, 2023.
Stephanie Keith | Bloomberg | Getty Images
Noticeably absent was the mention of Ellison’s co-CEO Sam Trabucco, who was a classmate of Bankman-Fried at MIT. Trabucco left FTX in Aug. 2022, and has stayed relatively under the radar.
Also central to the government’s case is the alleged coverup to hide Bankman-Fried’s crimes. Those tactics include backdating contracts and using encrypted messaging apps set to auto-delete to avoid a paper trail.
“This man stole billions of dollars from thousands of people,” Rein said, as he closed his statement.
The prosecution’s second witness was Adam Yedidia, who met Bankman-Fried in college at the Massachusetts Institute of Technology. The pair remained good friends.
Yedida detailed his experience working first as a trader at Alameda for two months in 2017, and later as a software engineer for FTX beginning in January 2021. He said he resigned from FTX the day before the exchange filed for bankruptcy after a fellow developer told him that Alameda had used FTX customer deposits to pay back creditors.
Speaking quickly and deliberately with an air of practiced nonchalance, Yedida testified that he hadn’t talked to Bankman-Fried or seen him in person since Nov. 2022.
When asked why he was appearing under an immunity order, Yedida said he was concerned that as an FTX developer, he “may have unwittingly written code that contributed to a crime.”
Prosecutors got through a half hour of testimony before breaking for the day. The government will continue its questioning of Yedida at 9:30 A.M. on Thursday.
FTX co-founder Gary Wangwill also be taking the stand this week for the government.
A $5.7B lawsuit filed in Federal court alleges that Toyota operated what amounts an organized, fraudulent enterprise that intentionally concealed known, catastrophic safety defects associated with their hydrogen fuel cell-powered Toyota Mirai sedans.
Originally passed as part of the Organized Crime Control Act of 1970, the Racketeer Influenced and Corrupt Organizations (RICO) Act is designed to help prosecutors go after people or companies that commit a pattern of crimes as part of an ongoing organization or enterprise — like the Mafia (which doesn’t exist), or large-scale fraud operations at a corporation.
That RICO statute is now at the center of a new case against Toyota. In it, the plaintiff’s attorneys argue that Toyota knowingly engaged in a decade of fraud surrounding the hydrogen fuel cell-powered MIrai sedan that jeopardized public safety and breached the terms of a previous DOJ settlement.
The case, filed by Jason M. Ingber, lead attorney for the plaintiffs in the US District Court for the Central District of California, is a 142-page RICO complaint alleging that Toyota, its financing arm, and its California dealerships coordinated conspired to market and finance HFCEVs that technicians allegedly referred to as, “ticking hydrogen bombs.”
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“This lawsuit isn’t about a simple defect, it’s about organized fraud,” argues Mr. Ingber. “Toyota engineered, financed, and controlled California’s hydrogen network, then used that control to hide safety failures and financial harm to consumers.”
According to the complaint, Toyota and its hydrogen partner, FirstElement Fuel (True Zero), intentionally concealed evidence of:
hydrogen leaks near hot engine components, creating explosion risks
sudden power loss, acceleration, and braking failures leading to collisions and injuries
aggressive financial collection tactics by Toyota Motor Credit Corporation, targeting owners of inoperable vehicles.
The suit further argues that Toyota’s concealment of these facts violates a 2014 Deferred Prosecution Agreement with the US Department of Justice (DOJ), in which the company admitted to concealing safety defects surrounding the highly publicized incidents of unintended-acceleration and agreed to report all (emphasis mine) future safety issues truthfully.
Ingber is seeking treble damages for the class, injunctive relief, and a federal order halting Toyota’s hydrogen enterprise, citing a continuing pattern of mail and wire fraud.
“Toyota built its reputation on trust,” Ingber said, in a statement. “Our case will show how that trust is violated and why consumers deserve accountability now.”
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Solar and wind together accounted for 88% of new US electrical generating capacity added in the first eight months of 2025, according to data just released by the Federal Energy Regulatory Commission (FERC) which was reviewed by the SUN DAY Campaign. In August, solar energy alone provided two-thirds of the new capacity, marking two consecutive years in which solar has led every month among all energy sources. Solar and wind each added more new capacity than natural gas did. Within three years, the share of all renewables in installed capacity may exceed 40%.
Solar was 73% of new generating capacity YTD
In its latest monthly “Energy Infrastructure Update” report (with data through August 31, 2025), FERC says 48 “units” of solar totaling 2,702 megawatts (MW) came online in August, accounting for 66.4% of all new generating capacity added during the month. That represents the second-largest monthly capacity increase by solar in 2025, behind only January when 2,945 MW were added.
The 505 units of utility-scale (>1 MW) solar added during the first eight months of 2025 total 19,093 MW and accounted for 73.4% of the total new capacity placed into service by all sources.
Solar has now been the largest source of new generating capacity added each month for two consecutive years, between September 2023 and August 2025. During that period, total utility-scale solar capacity grew from 91.82 gigawatts (GW) to 156.20 GW. No other energy source added anything close to that amount of new capacity. Wind, for example, expanded by 11.16 GW while natural gas’ net increase was just 4.36 GW.
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Renewables were 88% of new capacity added YTD
Between January and August, new wind has provided 3,775 MW of capacity additions – more than the new capacity provided by natural gas (3,095 MW). Wind thus accounted for 14.5% of all new capacity added during the first eight months of 2025.
For the first eight months of 2025, the combination of solar and wind (plus 4 MW of hydropower and 3 MW of biomass) accounted for 88.0% of new capacity, while natural gas provided just 11.9%. The balance of net capacity additions came from oil (20 MW) and waste heat (17 MW).
Solar + wind are almost 25% of US utility-scale generating capacity
Utility-scale solar’s share of total installed capacity (11.62%) is now almost equal to that of wind (11.82%). If recent growth rates continue, utility-scale solar capacity should equal and probably surpass that of wind in the next “Energy Infrastructure Update” report published by FERC.
Taken together, wind and solar make up 23.44% of the US’s total available installed utility-scale generating capacity.
Moreover, almost 29% of US solar capacity is in the form of small-scale (e.g., rooftop) systems that are not reflected in FERC’s data. Including that additional solar capacity would bring the share provided by solar + wind to more than a quarter of the US total.
With the inclusion of hydropower (7.59%), biomass (1.06%), and geothermal (0.31%), renewables account for a 32.40% share of total US utility-scale generating capacity. If small-scale solar capacity is included, renewables make up more than one-third of total US generating capacity.
Solar is still on track to become the No. 2 source of US generating capacity
FERC reports that net “high probability” net additions of solar between September 2025 and August 2028 total 89,953 MW – an amount almost four times the forecast net “high probability” additions for wind (23,223 MW), the second fastest-growing resource.
FERC also foresees net growth for hydropower (566 MW) and geothermal (92 MW), but a decrease of 126 MW in biomass capacity.
Meanwhile, natural gas capacity is projected to expand by 8,481 MW, while nuclear power is expected to add just 335 MW. In contrast, coal and oil are projected to contract by 23,564 MW and 1,581 MW, respectively.
Taken together, the new “high probability” net capacity additions by all renewable energy sources over the next three years – i.e., the Trump Administration’s remaining time in office – would total 113,708 MW. On the other hand, the installed capacity of fossil fuels and nuclear power combined would shrink by 16,329 MW.
Should FERC’s three-year forecast materialize, by early fall 2028, utility-scale solar would account for 17.1% of installed U.S. generating capacity, more than any other source besides natural gas (40.0%). Further, the capacity of the mix of all utility-scale renewable energy sources would exceed 38%. Including small-scale solar, assuming it retains its 29% share of all solar, could push renewables’ share to over 41%, while natural gas would drop to about 38%.
“Notwithstanding impediments created by the Trump Administration and the Republican-controlled Congress, solar and wind continue to add more generating capacity than fossil fuels and nuclear power,” noted the SUN DAY Campaign’s executive director Ken Bossong. “And FERC foresees renewable energy’s role expanding in the next three years while the shares provided by coal, oil, natural gas, and nuclear all contract.”
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Is it an electric van? Pickup truck? The PV5 can do it all. Kia’s electric van was caught with two new body types for the first time.
What PV5 version is Kia planning to launch?
The PV5 is more than just a futuristic-looking electric van. It’s what Kia calls “the world’s most useful electric mobility vehicle.”
It’s the first from its new Platform Beyond Vehicle (PBV) business, which will offer a wide range of customizable EVs, advanced software, and much more.
During its PV5 Tech Day event in July, Kia revealed plans to introduce seven PV5 body types, ranging from a light camper to an open-bed truck.
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The PV5 Passenger and Cargo, built for personal and business use, are already rolling out in Europe and South Korea. The Cargo Compact (available in 3- and 4-door configurations) and the Cargo High Roof are also available.
New variants will include an open bed, a light camper, a luxury “Prime” passenger, a built-in truck, and a refrigerated truck.
The refrigerated truck was captured driving in public for the first time in South Korea, offering a closer look at what’s coming soon. Kia will launch three PV5 refrigerated truck models: low, standard, and high.
The video from HealerTV reveals the standard and high versions. In person, the reporter noted that the high version definitely appeared taller than the standard version.
Although the front looks like the PV5 Passenger and Cargo, the back is redesigned for the refrigerated unit. Kia has yet to reveal a launch date, but it’s expected to be by the end of 2025.
Another PV5 variant, the open-bed version, was recently spotted in public in South Korea. Although we’ve seen it a few times before, the new video, also from the folks at HealerTV, offers our best look at the truck-like variant from all angles.
Meanwhile, the PV5 Cargo just set a new Guinness World Record after driving 430.84 miles (693.38 km) on a single charge, while carrying a full load.
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